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!

About the author:

Leave a Comment

STYLE Bangkok 2024

FAIR CALENDAR 20-24 MARCH 2024 Trade: 20-22 MARCH 2024 (10.00-18.00 hrs.) Public : 23-24 MARCH 2024 (10.00-21.00 hrs.) Venue : Hall 1 – 4, G floor, Queen Sirikit National Convention CenterWebsite: www.stylebangkokfair.comFB / IG / Tiktok: stylebangkokfair Discover an extensive array of lifestyle products, fashion, and crafts at the forefront of Asia’s lifestyle trade show

Read More »

October 2023: Kita Food Festival in Singapore and KL

KITA FOOD FESTIVAL TO HOST KITA CONVERSATIONS WITH WORLD RENOWNED FOOD THOUGHT LEADERSSingapore 23 Oct & Kuala Lumpur 30 Oct September 27,2023, Singapore & Malaysia: Kita Food Festival is bringing a host of world-renowned chefs and food thought leaders together for Kita Conversations as part of the overall food festival which will be held in

Read More »

Craig Thomas Gallery

In the years since his 2013 solo exhibition In The Midst Of Life at CTG, Ngo Van Sac’s profile has continued to rise as the artist has dedicated himself to developing the techniques, the materials and the aesthetic that have defined his artistic practice.  Most immediately identifiable as an artist working in wood burn, Sac is a skilled

Read More »

My Dubai Pass Review: Is it worth it for multiple attractions booking?

Dubai, a vibrant city known for its stunning architecture, luxurious hotels, and world-class attractions, has become a popular tourist destination. With a wide array of activities and attractions to explore, visitors often find themselves faced with the dilemma of choosing which experiences to include in their itinerary.  My Dubai Pass is a user-friendly and comprehensive

Read More »