USD1-billion hotel project lot remains a wasteland

Located in My Dinh Commune, Hanoi, the Lotus Hotel project was scheduled to be completed in October 2010. It was at one point considered among the biggest hotel projects in Hanoi, likely to rival Keangnam Hanoi Landmark Tower and Grand Plaza and expected to be the highest building in the city once put into operation.

The project would include shopping centres, hanging gardens and a luxury hotel.

In 2009, Japan’s Riviera Group withdrew from the project due to financial difficulties. After that, the Hanoi People’s Committee allowed Kinh Bac City Development Holding Corporation to take over the project with investment valued at USD500 million.

Early in 2011, chairman of the group Dang Thanh Tam said the project would be started in the first quarter of the year and the group would raise the project investment capital to USD1 billion.

However, the project has remained only on paper so far. The land plot has been used for vegetable cultivation, parking, and as football pitches.

The 46,000 square metre land plot has also been used as a rubbish tip.