Construction Begins on Lotte Eco Smart City Thu Thiem; Two Commercial and Service Blocks Set for Completion in October 2029

【Hanoi (Vietnam) = Reporter Jun-seok Kim】Lotte Eco Smart City Thu Thiem, an ambitious project being pursued by Lotte Properties Ho Chi Minh in Ho Chi Minh City, Vietnam, will officially break ground on the 23rd. With a total investment of more than 3 trillion won, the megaproject will comprise 11 towers rising as high as 50 stories. It will be developed as a mixed-use complex with a total gross floor area of approximately 170,000 square meters, featuring financial, commercial, service, office, lodging, residential and public spaces.
According to local media and other sources on the 22nd, Vietnamese real estate developer Phat Dat said it plans to officially break ground on the two commercial and service blocks within the Lotte Eco Smart City Thu Thiem project on the 23rd of next month and complete them on October 23, 2029. 
Phat Dat had previously received approval for a plan to invest up to VND 10.4 trillion (approximately KRW 543.6 billion) in Lotte Properties Ho Chi Minh. Accordingly, ownership in the project is divided among four investors: Lotte Shopping (30.59%), Hotel Lotte (22.94%), LOTTE Engineering & Construction (11.47%) and Phat Dat (35%).
Under a cooperation agreement between Lotte and Phat Dat, Phat Dat will participate in the joint development of the residential portions of Blocks 2-2, 2-4 and 2-6. At the same time, it will be directly responsible for developing the lower floors and basement levels of commercial and service facilities, including the 2-1 and 2-3 commercial and service blocks.
The Lotte Eco Smart City Thu Thiem project is located in the 2A Functional Area, a key section of the Thủ Thiêm New Urban Area, which is being developed as Ho Chi Minh City's new international administrative, financial, commercial and service hub. The project will be developed across six adjacent plots—Blocks 2-1 through 2-6—with a combined area of approximately 7.54 hectares, forming a rare large-scale site in the city center.
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