Phat Dat begins construction on Lotte Eco Smart City Thu Thiem project

Phat Dat Real Estate Development Joint Stock Company has commenced construction on blocks 2-1 and 2-3 of the Lotte Eco Smart City Thu Thiem project on the Thu Thiem peninsula in Ho Chi Minh City. The project, a collaboration with Lotte Group, has a total investment value of approximately 60 trillion VND and is expected to be completed by the end of 2029.

Yuanta Research estimates the project could generate significant revenue, including approximately 2.3 billion USD from apartment sales and roughly 88 million USD annually from commercial office rentals.

However, recent financial reports for the third quarter of 2026 indicate challenges for Phat Dat. Net revenue reportedly fell by 95% year-on-year to 24 billion VND, while interest expenses rose by 143% to 180 billion VND. This increase in debt is primarily attributed to financing the acquisition of a 35% stake in Lotte Properties HCMC, the project's developer.