Lotte Eco Smart City Project in HCMC Restarted After Shareholder Adjustment
Lotte Properties HCMC Co., Ltd. has informed the city's Department of Finance about the termination of the Lotte Eco Smart City project in Ho Chi Minh City. The reason for the termination remains unclear. However, the company's CEO, Jun Sung Ho, has expressed a desire to adjust the project's shareholding structure and exempt a supplementary land-use fee at a recent meeting with the municipal People's Committee.
The VND20.1 trillion ($761.8 million) project, covering 50,000 square meters, was set to include a shopping mall, a hotel, office buildings, serviced apartments, and a residential complex, with smart technologies integrated throughout. The project broke ground in September 2022 but has not progressed due to legal issues, including high land use fees.
At a working session on Friday, Jun Sung Ho requested approval to bring in external investors with stakes of up to 35% and exempt the 5.4% supplementary land-use fee. Chairman Nguyen Van Duoc reassured Lotte of the city's support and encouraged the company to collaborate with city departments to find solutions and move the project forward. Notably, Lotte Properties HCMC Co., Ltd. has already fulfilled internal restructuring conditions and successfully rejected the 5.4% surcharge rate for the project's usage fee.
Despite the initial termination notice, Lotte Properties HCMC Co., Ltd. appears committed to proceeding with the Lotte Eco Smart City project in Thu Thiem New Urban Area. With the city's backing and potential adjustments to the shareholding structure and land-use fees, the project's future looks promising. The project's completion would significantly contribute to the city's urban development and smart city initiatives.
Read also:
- Eric Dane Diagnosed with ALS, Advocates for ACT for ALS
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Meta Unveils Ray-Ban AR Display Sunglasses; TikTok Agrees to $200 Million Deal
- Historic downtown temples to receive restoration funds totaling over 25 million pesos
