Phat Dat deposits $34 mln to join Lotte in mega project in HCMC
Phat Dat Real Estate Development Corporation (HoSE: PDR) has transferred a VND900 billion ($34.19 million) deposit to advance a potential partnership with Lotte’s unit in the development of the Thu Thiem Eco Smart City project in Ho Chi Minh City.
The payment, disclosed on Thursday, follows the signing of an MoU between PDR and Lotte Properties HCMC on Tuesday, aimed at exploring strategic cooperation for the large-scale mixed-use project in Thu Thiem New Urban Area.
Illustration of the Thu Thiem Eco Smart City project in Ho Chi Minh City. Photo courtesy of Lotte.
The Thu Thiem Eco Smart City project was first proposed in 1997 and carries a total investment of VND20.1 trillion ($763.54 million).
The development spans more than 7.4 hectares and is planned to include 11 towers rising up to 50 stories, integrating financial, commercial and residential components. It has long been viewed as a potential landmark for Thu Thiem, the city’s emerging financial and business district.
Lotte Group officially signed an agreement with HCMC authorities to implement the project in 2017 and held a groundbreaking ceremony in September 2022.
Speaking to shareholders in April, Phat Dat chairman Nguyen Van Dat said the company was among three candidates seeking to cooperate with Lotte in developing the project.
The move underscores growing cooperation between South Korean developers and Vietnamese real estate firms in large-scale urban projects, particularly in Thu Thiem, which has emerged as one of Vietnam’s most sought-after development zones.
PDR shares closed at VND16,050 ($0.61) each on Friday.
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