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Schedule hazy for opening of 2nd Lotte World

June 12, 2014 - 20:33 By Seo Jee-yeon
Lotte Group chairman Shin Dong-bin appeared to be determined to woo the media ahead of plans for opening the second Lotte World in July, making frequent appearances to highlight the significance of the landmark project.

On Wednesday, Shin hosted a site tour for visiting board members of the U.S.-based Asia Society, a nonprofit organization aimed at boosting exchanges between the U.S. and South Korea.

It marked the first time that Lotte had opened the complex to foreign visitors, with Shin mapping out Lotte’s future operating plans. Last month, Shin personally visited the construction site to inspect the safety conditions and the construction progress.

‘‘There seems to be a sense of urgency on the group level,” industry sources said.

This is because it is still unclear if his long-cherished plans will be realized on schedule due to lingering uncertainties about whether Seoul City will approve the plan.

The project involves building an extensive new commercial complex in Jamsil-dong, an affluent neighborhood in southern Seoul.

Currently under construction, the complex will contain four buildings: the 123-floor Lotte World Tower, an eight-floor department store and two 11-floor commercial buildings.

On Monday, Lotte Group submitted a document to Seoul City to get a green light to open the three low-rise buildings that are nearing completion in July. The rest of the complex is to be completed by 2016.

“We are ready to swiftly respond to any kind of feedback from Seoul City, which is forecast to inspect the site under their dimensions ― safety, environment and impact on traffic conditions near the complex,’’ a group official said.

Some industry watchers, however, cast doubts on whether Lotte will pass the city’s inspection, as the city has been tightening the screw on safety regulations in the wake of the Sewol ferry disaster.

But for the company ― which has been seeing its mainstay retail business suffering amid sluggish consumption ― it is critical that the three commercial buildings open as planned.

By Seo Jee-yeon (jyseo@heraldcorp.com)