Lotte Eco Smart City Thu Thiem resumes construction after delays

Construction of Lotte Eco Smart City Thu Thiem resumed on October 23, 2023, after facing delays. The project, developed jointly by Lotte Group and Phat Dat Real Estate Development Corporation, aims to create a large-scale, mixed-use urban complex on a 7.45-hectare site within the Thu Thiem New Urban Area of Ho Chi Minh City. The complex will house Grade A office towers, podiums for commercial, retail, service, accommodation, residential, and public spaces, designed in line with international urban planning and development standards.

The project's investment of VND60 trillion ($2.31 billion) exceeds the previous estimate of VND20.1 trillion ($773 million). Phat Dat Real Estate Development Corporation, led by CEO Bui Quang Anh Vu, emphasized the importance of responsibility in delivering a development worthy of its location. Vu praised the partnership with Lotte Group, highlighting the blend of international expertise and Vietnamese capabilities.

Ho Chi Minh City's Vice Chairman, Nguyen Cong Vinh, stated that the city aims to become a modern metropolis and economic hub, with the Thu Thiem New Urban Area designated as a key area for development. The project is expected to enhance the city's architectural landscape, improve residents' quality of life, and attract global investors.

Lotte Eco Smart City Thu Thiem comprises six adjoining land plots and will feature office buildings, retail and service facilities, accommodation and residential units. Phat Dat holds a 35% equity interest in Lotte Properties Ho Chi Minh City, while Lotte is responsible for developing commercial and service components on certain plots.