Phat Dat Real Estate acquires 35% stake in Lotte Thu Thiem project

Phat Dat Real Estate Development Corporation (PDR) has finalized its acquisition of a 35% stake in Lotte Properties HCMC, the entity responsible for the Lotte Eco Smart City Thu Thiem project. The transaction involved a payment of 7,666 billion VND, valuing Lotte Properties HCMC at approximately 21,900 billion VND.

Following the transaction, the ownership structure of Lotte Properties HCMC consists of four members: Phat Dat (35%), Lotte Shopping Co., Ltd (30.59%), Hotel Lotte Co., Ltd (22.94%), and Lotte Engineering & Construction Co., Ltd (11.47%). Under the partnership, PDR will co-develop residential blocks 2-2, 2-4, and 2-6, while also leading the development of commercial high-rises 2-1 and 2-3, along with commercial-service bases and basements.

The Lotte Eco Smart City Thu Thiem project, located in the Thu Thiem New Urban Area, covers approximately 7.5 hectares. It is planned as a complex of housing, offices, hotels, and commercial services with a total investment value of 60,000 billion VND. The completion of land-related financial obligations, totaling 17,569 billion VND, marks a significant legal milestone for the project, which has faced delays since its groundbreaking in September 2022 due to land use fee determinations.