Published : Oct. 21, 2016 - 17:25
[
THE INVESTOR] Lotte Group is actively seeking to strengthen its presence in Vietnamese real estate market.
Lotte Asset Development announced on Oct. 21 that it has decided to acquire 10 percent stake in Lotte Properties (Hanoi) Singapore for 16.32 billion won (US$14.43 million), to develop and manage real estate properties in Hanoi. It already operates Lotte Center Hanoi since 2014, the group’s first overseas complex.
“Lotte affiliates as well as local partners will invest and acquire remaining 90 percent,” said Im Hyeong-uk, head of the asset development company’s sales and communications team.
The company also announced that it will acquire 10 percent stake in a yet-to-be-named company to develop and manage properties in Ho Chi Minh for 22.3 billion won.
The newly established company will lead Lotte’s “eco-smart city” project, a 100,000 square meter wide site complete with an all-inclusive shopping mall, offices, hotels and serviced residences, and apartments.
By Hwang You-mee (
glamazon@heraldcorp.com)