Group picks up 70 per cent of Diamond Plaza and will invest in Thu Thiem new urban area in Ho Chi Minh City.
Mr. Shin Dong Bin, Chairman of the Lotte Group, said it has picked up a 70 per cent stake in Diamond Plaza in Ho Chi Minh City from South Korea’s Posco and will also invest in the City’s Thu Thiem new urban area. The value of the Diamond Plaza deal was not revealed.
A 22-storey building on the corner of Le Duan and Pham Ngoc Thach streets, Diamond Plaza opened in August 2000. Total investment was $60 million, with a shopping mall, office space for lease, and luxury apartments.
The Thu Thiem new urban area, meanwhile, is to have a financial and trade complex on 16 ha and a 50-storey building.
Mr. Bin also said that the group may be interested in investing in a build-operate-transfer project for the urban railway line connecting Ben Thanh and Thu Thiem, which was recommended to it by Mr. Le Hoang Quan, Chairman of the Ho Chi Minh City People's Committee.
Lotte Group currently owns a number of buildings and large-scale real estate projects, in particular the Lotte Center Hanoi and other commercial centers.