Lotte Engineering & Construction held a ceremony on August 9th to conclude a joint investment agreement with PhuCoungGroup at the ‘Lotte Legend’ Hotel in Ho Chi Ming, Vietnam for the development of a joint housing development project in PhuCoung Pearl.
Nguyen Viet Cuong, Chairman of Vietnam’s PhuCoung Group, and Hong Yong-su, general manager of Lotter Engineering & Construction’s overseas sales division, participated in the joint agreement, which is a project to develop a 725-apartment complex in Ho Chi Minh.
Lotte Engineering & Construction’s stake is expected to reach 51%, with sales of about 98 million dollars.
The project is located in the new town of Tanmiroi, which is also attracting attention as a residential area. The project plans to house 725 houses and commercial facilities with 25 floors and 2 dwelling units on the ground. It will start construction in October and will be completed in May 2020.
PhuCoung Group in Vietnam is a major developer with large-scale land in Ho Chi Mihn. It is planning to build a new 1983471.07 m2 city project in SaobaNammuLakjia and also build 3400 apartments in Ho Chi Minh.
“Lotte Engineering & Construction has expertise in various fields such as construction, housing, infrastructure, plants, and has the ability to attract anchor tenants in complex and large-scale development projects.
Therefore, we expect to grow together with our long-term partner through this joint investment,” said Nguyen Viet Cuong, Chairman of PhuCoung Group.
