A premier destination for locals and tourists, Lotte Group’s development delivers a new level of retail and lifestyle experiences for Hanoi - a one-stop urban hub for work and play.
KEY INFORMATION
Location: Hanoi, Vietnam
Date started: 2018
Completion date: 2023
Client type: real estate
Main capabilities: cost and commercial management, procurement and supply chain
Developing a new retail and leisure experience
Having opened in 2014 its first mixed-use complex, Lotte Centre Hanoi, the Lotte Group wanted to create a second development in the West Lake area of the city (also known as Ho Tay). Their aim was to boost local economic growth by developing the 350,000 sqm commercial complex, comprising a shopping centre, hotel, serviced residences and office space.
The centrepiece of the complex is its retail precinct with 233 stores spanning 222,000m2, also featuring an aquarium, cinema and hypermarket, plus food and beverage outlets.
Delivering value through our global and local expertise
We provided cost and commercial management, as well as contract management services, for the project from the concept design stage through to completion. Applying our global best practices to complement our local knowledge, we applied a design-to-cost approach. We controlled the budget baseline through each design stage, with value engineering workshops playing an important role with suppliers and stakeholders.
We were responsible for supporting the tendering process, including contractor pre-qualification process, and our procurement strategy facilitated more than 100 procurement packages. Establishing a robust change control management process was key to managing variations and claims. As a result, through a comprehensive final account process, we ensured the final project cost was within the agreed budget baseline.
Making a difference in Vietnam’s capital
Home to 8.2 million people, Hanoi is one of the fastest-growing cities in south-east Asia. The city’s West Lake area is experiencing a surge in population due to the development of new urban centres and the relocation of public institutions.
A landmark destination, Lotte Mall West Lake Hanoi, which opened in September 2023, has already contributed significantly to the area by enhancing the local economy. The project has generated more than 3,000 jobs, as well as provided local people with a state-of-the-art retail experience.
Kim Won Eon, General Manager, Lotte CM Division, said:
The hands-on approach by Turner & Townsend has been instrumental in driving success. We are very appreciative of their exemplary service and thrilled to have them by our side.
