ABOUT HANDS OF KOREAN, THE BIGGEST SUPERMARKET IN HANOI IS RACING TO DEVELOP

(Updated: 8/30/2019 2:15:26 PM)

More than 1 year after acquiring Ciputra Hanoi Mall from its former owner, Nam Thang Long Urban Development Co., Ltd., Lotte Group (Korea) doubled its investment and is on the way to implement the project.

Ciputra Hanoi Mall is a large-scale commercial center complex project, started construction in 2010 by Nam Thang Long Urban Development Co., Ltd. as an investor. Having a "golden" position in Ciputra new urban area, again located on a large road connecting the center with Noi Bai International Airport, Ciputra Mall is expected by the investor to be the most shopping complex in the Capital. when completed in 2014.

The project has a scale of up to 7.3ha, was introduced by the investor with a total investment of nearly 2,000 billion VND, with a total used area of ​​up to 200,000 sqm (the largest supermarket in Hanoi). The space is arranged in the center including the retail area, with 1,200 stores, 48 ​​restaurants, cafes, supermarkets of about 8,500 sqm, with the appearance of many big names at home and abroad, the area. entertainment. 71,000 sqm basement for parking. In addition, this place also has a versatile movie center with 12 widescreen theaters...

However, after the foundation was built, the real estate market was in trouble, the fate of this supermarket also sank over the years.

After starting construction in 2010, Ciputra Hanoi Mall stopped construction indefinitely

All project items are in an unfinished state

In mid-2017, Lotte Group acquired Ciputra Mall project of Nam Thang Long Urban Development Co., Ltd. The value of this deal was not disclosed by the parties, but after the deal took place, TP. Hanoi has licensed a new commercial center project to Lotte with a total investment of up to US $ 300 million.

Most recently, a source from Lotte Group revealed in the media that to implement this project, Lotte will double the investment capital compared to the initial estimate to 600 million USD with the purpose of expanding the items of Lotte Mall Hanoi Project (new name of Ciputra Hanoi Mall Project after Lotte acquired). Lotte representatives also revealed that the project will start in late 2018 and is expected to be completed in 2021.

Perspective of Lotte Mall Hanoi project is about to be implemented

The project will be built on an area of 7.3 hectares, along Vo Chi Cong street, within Ciputra Hanoi International City

The main items include offices for rent, hotels and business centers

The project was started in the last quarter of 2018 and is expected to put into use in 2021

Once completed, Lotte Mall Hanoi will be the largest shopping center in Hanoi

Currently the project is ongoing to crank outside

This move indicates that the project will be restarted soon

According to experts, after completing Lotte Mall Hanoi along with a series of big super projects are being implemented such as BRG's smart city megacity, Kim Quy Park - 'Disneyland' Hanoi. invested by Sungroup, Vingroup's fifth-largest National Exhibition Center in the world will turn Nhat Tan - Noi Bai into a golden development axis of Hanoi in the near future.

It is known that Lotte Group currently owns about 285 shopping centers in Asia, mainly in China, Korea and Indonesia. In Vietnam, in recent years Lotte has also been investing heavily in shopping malls, and considered Vietnam as one of the key retail markets.

Previously, in 2009 Lotte also bought Coralis SA to have the right to develop the project on the land of the crossroads of Dao Tan and Lieu Giai for $ 60.24 million. Shortly thereafter, the group also poured money to build the project, with a total investment of about $ 400 million. Currently, this 65-storey Lotte Center Hanoi project, completed in September 2014, is the second tallest building in the capital after Keangnam Landmark Tower.

Lotte's business expansion in Vietnam is also associated with many other deals. According to Nikkei newspaper (Japan), Lotte is planning to expand its retail activities in Vietnam through M&A activities in order to realize the group's ambition to reach 60 shopping centers. 2020, 5 times the current figure.

With the acquisition of Ciputra Mall is a new move, showing Lotte is actively implementing plans to expand and develop the retail segment in the Vietnamese market.

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