Lotte signed a memorandum of understanding with the city’s Department of Planning and Investment on Thursday (18 June 2009) to build the 300-meter-tall tower, which will occupy 20 hectares and include a commercial center, a conference hall, hotels, park, stadium and residences.

Lotte, which invested in the Diamond Plaza shopping center in HCMC’s District 1 and Lotte Mart supermarket in District 7, will submit the investment plan to the HCMC government in 90 days.

The government is calling for foreign investment in Thu Thiem New Urban Area, which covers 737 hectares across the Saigon River from the city downtown. The new urban area is planned for a population of 130,000 people.

Last year, Japan’s Vija PowerSource Corp. and a joint venture between Vietnam’s SaigonTel and Singapore’s TA Associates International were allowed to invest in two information technology projects in Thu Thiem, worth $610 million and $1.2 billion respectively.