LG Electronics Inc., South Korea's No. 2 tech giant, said Monday it will roll out a budget flip-style smartphone this week that will come with a classical look but with the latest features.

Dubbed the LG Gentle and set to hit shelves on Wednesday, the handset will mark the third flip-style smartphone made by LG, along with the Wine and Ice Cream lineup released earlier. The price tag on the device is only around 200,000 won ($170.88).

The smartphone comes with a 3.2-inch display, and boasts a 3-megapixel camera on the back. Powered by Google Inc.'s Android 5.1 Lollipop, it has a 1.1 GHz Quad Core Processor. Its detachable battery capacity stands at 1,700 mAh.

It also comes with a "Q button" that allows users to instantly activate the most frequently used applications.

LG said the latest release comes as the demand for flip-style smartphones has been strong in the Asian market, including South Korea. The company had also released previous flip-style smartphones in other Asian countries, including Taiwan.

The company said, however, it has not yet come up with an overseas launch schedule for the LG Gentle. (Yonhap)