Lotte Eco Smart City in Thu Thiem has completed its financial obligations regarding land use, totaling 17.569 trillion VND. This achievement marks a significant step forward for the project, which is being developed by Lotte Properties HCMC in collaboration with Phat Dat Real Estate Development.
According to a recent announcement from Phat Dat, the payment was finalized on July 31, providing the legal foundation necessary for the project to advance to subsequent phases of development. With this financial obligation fulfilled, the joint venture between Lotte Properties HCMC and Phat Dat is now accelerating construction and development activities for the project.
The Lotte Eco Smart City is situated on a 2A plot within the new Thu Thiem urban area, specifically in An Khanh Ward, Ho Chi Minh City. The project spans approximately 7.54 hectares and is designed as a multifunctional urban complex that will include Grade A office blocks, a shopping and retail center, service areas, accommodation facilities, and public spaces. The total investment for the project is estimated at around 60 trillion VND, with Phat Dat contributing over 10 trillion VND.
As part of the partnership agreement, Phat Dat will co-develop housing components in blocks 2-2, 2-4, and 2-6, while also taking on the development of two commercial towers in blocks 2-1 and 2-3, along with a four-story commercial and service base and underground levels.
The Thu Thiem new urban area is being positioned as a new financial, commercial, and service center for Ho Chi Minh City, attracting numerous large-scale projects due to its proximity to the existing city center, riverside land, and increasingly developed infrastructure. With its significant investment, Lotte Eco Smart City is expected to enhance the supply of premium office, commercial, and service spaces, contributing to the transformation of the urban landscape in eastern Ho Chi Minh City.
Lotte is a South Korean conglomerate involved in various sectors including construction, urban development, commerce, hospitality, and services. Meanwhile, Phat Dat is a publicly listed real estate company in Vietnam, primarily focused on residential and urban development across various regions of the country.
