Phat Dat to break ground on Lotte Eco Smart City Thu Thiem project

Phat Dat Real Estate Development Joint Stock Company (PDR) has announced the official groundbreaking date for blocks 2-1 and 2-3 of the Lotte Eco Smart City Thu Thiem project, scheduled for October 23, 2026. This multi-functional urban complex is located in the Thu Thiem New Urban Area and is planned across six land plots.

Under a cooperation agreement between Phat Dat and Lotte, Phat Dat will co-develop residential components in blocks 2-2, 2-4, and 2-6. However, Phat Dat will take full responsibility for developing the commercial and service components in blocks 2-1 and 2-3, which feature a total construction floor area of over 171,000 square meters. Construction for these two blocks is expected to take 36 months, with a projected completion date of October 23, 2029.

Previously, Lotte Properties HCMC completed land use fee payments for the project totaling 17,569 billion VND. Phat Dat's Board of Directors has also approved a plan to acquire a 35% stake in Lotte Properties HCMC for an estimated 7,666 billion VND, with potential additional capital contributions if the company increases its charter capital.