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[SITUATION] · [ACTIVE] · [BUSINESS]

2 clusters · 2 sources · 14 days · First seen · Last updated

Lotte and Phat Dat Thu Thiem project development

Overview

Lotte Group and Phat Dat Real Estate Development Joint Stock Company (PDR) have commenced construction on the Lotte Eco Smart City Thu Thiem project in the Thu Thiem New Urban Area of Ho Chi Minh City. The multi-functional complex, which covers over 74,500 square meters, is designed to integrate residential, commercial, and office spaces. The total investment for the project is estimated at approximately 60 trillion VND.

Construction has specifically begun on blocks 2-1 and 2-3, with an expected completion date by the end of 2029. While Yuanta Research estimates the project could generate significant revenue from apartment sales and commercial rentals, PDR has faced financial challenges. Third quarter 2026 reports indicate that net revenue reportedly fell by 95% year-on-year, while interest expenses rose by 143% to 180 billion VND. This debt increase is primarily attributed to financing the acquisition of a 35% stake in Lotte Properties HCMC.

Entities

Phat Dat Real Estate Development Joint Stock Company · Lotte Group · Lotte Properties HCMC Co., Ltd. · Yuanta Research · Thủ Thiêm

Timeline

  1. [BUSINESS] 2 sources
    Phat Dat begins construction on Lotte Eco Smart City Thu Thiem project

    Phat Dat has started work on the 60 trillion VND Lotte Eco Smart City Thu Thiem project, despite recent reports of declining revenue and rising interest expenses.

  2. [BUSINESS] 4 sources
    Lotte and Phat Dat break ground on 60 trillion VND project in Ho Chi Minh City

    Lotte Group and Phat Dat have broken ground on the 60 trillion VND Lotte Eco Smart City Thu Thiem project in Ho Chi Minh City, a multi-functional complex featuring residential and commercial spaces.

Sources

cafef.vn · doanhnghiephoinhap.vn