Lotte buys into Diamond Plaza

South Korea’s Lotte has acquired a majority share in Ho Chi Minh City shopping centre, office and apartment complex Diamond Plaza.

Lotte has bought out another Korean business’ 70 per cent stake in the high profile 20-story tower housing a multi-level department store, foodcourt and other retail facilities, along with offices, a medical centre, cinema and apartments.

It was one of the first modern era shopping developments in downtown Saigon, although its footprint is dwarfed by more recent developments such as Vincom and Union Square.

Lotte already has extensive investments, and reach, in Vietnam, operating Lotte Mart hypermarkets, cinemas, a hotel on the Saigon River front and the Lotteria fast food chain.

Diamond Plaza was opened in August 2000, then valued at US$60 million. It was a joint venture between local developer Construction Corporation No.1 and Korean steel company Posec, a subsidiary of steel maker Posco. Lotte has bought out Posec’s interest for an undisclosed amount.

In another transaction not officially announced, Lotte has purchased two Pico Plaza branded shopping centres in Hanoi and Ho Chi Minh City and rebranded them Lotte after converting supermarkets into Lotte Mart hypermarkets.


Share this story, choose your platform!

Share on facebook
Share on twitter
Share on pinterest
Share on tumblr
Share on google
Share on linkedin
Share on reddit
Share on vk
Share on email
About the author:

Leave a Comment

5 Rewarding Careers in Healthcare Where You Can Make a Difference

Eleven out of the top 20 jobs on the Bureau of Labor Statistics list of the fastest growing careers are in the health care industry. Analysts say that there are two reasons for this expansion: one is that the huge baby boom population is aging, and the other is Obama’s health care initiative. There is much more to a

Read More »

Financial Independence

By Patrik Shore Imagine hitting the gym in your 20s and 30s and never having to lift a single weight ever again, but still having a bodybuilder’s physique in your 60s. Would you do it? This is exactly how future financial planning works, and it is the only thing I can think of where you

Read More »

Buy the best travel insurance with Care insurance

When you are travelling outside the country, you need a lot of finances to be handled well. while doing so, many things sometimes might get a bit chaotic and difficult to manage and in this, if there are any form of losses that were uncalled for, you might end up in a financial crisis. This

Read More »

Aikido in District 2

International Aikido School will open a new Dojo at Dancenter Viet Nam in District 2 , starting 20/3/2021. Aikido classes and Sword Arts classes for kids, teens and adults. Shobukan Dojo has been teaching aikido and sword classes all over Vietnam since 2012. Its international team of teachers will now open classes coming weekend 20th of March. This

Read More »