Korean conglomerate Lotte Group got the go-ahead from the HCM City People’s Committee on Wednesday to develop the Thủ Thiêm Eco Smart City in District 2. The 74,420sq.m project in the core of the Thủ Thiêm New Urban Area will cost VNĐ20.1 trillion (US$884 million) in addition to the compensation to be paid for land. It will feature a trading-financial-banking centre, hotels, an office tower, and serviced and residential buildings on 50,120sq.m. The remaining area will be used for roads and other infrastructure. Construction is expected to take six years and the project is licensed for 50 years.