12:23 (GMT +7) - Friday 19/10/2018

Property

Lotte E&C to build apartments in HCMC

Released at: 20:56, 10/08/2018

Lotte E&C to build apartments in HCMC

Photo: Lotte E&C

Company signs cooperation deal with local developer Phu Cuong Investment to build $65-million project in District 2.

by Hong Nhung

South Korea’s Lotte Engineering and Construction (E&C) announced on August 9 a strategic partnership with Vietnamese developer the Phu Cuong Investment JSC on the development of housing, service and commercial projects in Vietnam.

In addition to signing this agreement, the two sides also signed a shareholder agreement for the pilot implementation of their first apartment project, in Thanh My Loi ward in Ho Chi Minh City’s District 2, which is expected to promote the development of further projects in the future between the two companies.

The Thanh My Loi apartment project is in a favorable location adjacent to the Saigon River, about 500 meters from District 2’s administrative center. With apartment space integrated with an open architectural system plus a convenient location, the apartments will enjoy fresh air and have full-service utilities for residents. Upon completion the project will provide 751 high-end apartments with total investment of around $65 million.

There will be two 25-story apartment blocks and commercial facilities. Ground will be broken in October and the complex will be completed in May 2020. Lotte E&C’s stake is 51 per cent and sales are expected to hit about $98 million.

“I am confident that with the brand and capacity of Lotte as well as the reputation and experience of Phu Cuong Investment in Vietnam, we will be capable of strongly and effectively competing in and developing the real estate commercial services business in the country,” said Ms. Nguyen Thi Ngoc Nhu, General Director of the Hau Giang Trade - Construction - Investment JSC, a subsidiary of Phu Cuong Investment.

“At the same time, the contract signed today for the first pilot project in the city’s District 2 begins future cooperation in other project developments between the two companies, not only in the real estate sector but also in other areas such as restaurants, hotels, and tourism.”

Lotte E&C, meanwhile, is accelerating its overseas housing projects after selecting Vietnam and Indonesia as its bases among developing countries.

Representatives from the two companies also hope that this cooperation will be in line with the Vietnamese Government’s development orientation towards international trade integration and calls for major foreign investors with high technology to make Vietnam become one of the leading economies in the region and reach out to the world.

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