Lotte Group’s land use fees for HCMC project estimated at $633 mln
South Korea’s Lotte Group will have to pay VND16 trillion ($633.3 million) in land use fees in the fourth quarter of 2024 as estimated by the HCMC Department of Natural Resources and Environment (DoNRE).
This is the biggest of 22 projects with financial obligations that the DoNRE has forwarded to the municipal Department of Finance and the standing committee of the HCMC Land Valuation Council for collection.
An illustration of the Lotte Eco Smart City project by South Korea’s Lotte Group in Thu Thiem city, Ho Chi Minh City. Photo courtesy of the project developer.
The project is located in the new Thu Thiem financial center in An Khanh ward, with a riverside view of the Saigon River.
In July 2017, the HCMC People’s Committee and Lotte Group had signed a contract to implement the project with an investment of $900 million. It broke ground on September 2, 2022 and is expected to be completed in 2028.
The 50,000-square meter eco smart complex will include 10 towers of 12 to 60 storeys, featuring shopping malls, offices, service apartments and residential areas. It will have about 2,000 apartments and over 300,000 square meters of commercial and office space. Once operational, the project is anticipated to create jobs for around 20,000 people.
The second largest project in terms of financial obligations is a BT (build-transfer) contract for a road running parallel with the Long Thanh-Dau Giay Expressway.
Located in An Phu ward, Thu Duc city, the 14.8-hectare project has financial obligations of VND3.5 trillion ($138.53 million).
The 3.4-kilometer road, being built by HCMC-based Nguyen Phuong Real Estate Company Limited, has a total investment of nearly VND870 billion ($34.44 million). Notably, Nguyen Phuong Real Estate was incorporated on April 27, 2017, coinciding with the groundbreaking ceremony of the aforementioned project.
The third largest of 22 projects listed by the DoNRE is located at 230 Nguyen Trai street, Nguyen Cu Trinh ward in District 1. This one has payable land use fees estimated at VND3.286 trillion ($130.06 million).
Invested by T.N.T Trung Thuy Real Estate Investment Company Limited, the commercial-service-office-officetel-residential complex named Lancaster Legacy covers nearly 8.5 hectares and consists of three 37-story blocks with 749 apartments, officetels and penthouses. The project’s 1-3 bedroom apartments have areas ranging from 50 to 150 square meters each.
It has a total estimated investment of VND3.2 trillion ($126.66 million).
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