Lotte and Phat Dat Commence Construction of Lotte Eco Smart City Thu Thiem

HCMC, October 23, 2026 – Lotte and Phat Dat Real Estate Development Corporation (PDR: HOSE) officially commence construction of Lotte Eco Smart City Thu Thiem in Functional Zone 2A of Thu Thiem New Urban Area. The ceremony marks a major milestone in the project’s development and another step forward in the strategic partnership between Lotte and Phat Dat. 

A mixed-use development in the heart of Thu Thiem 

Located in Functional Zone 2A of Thu Thiem New Urban Area, now part of An Khanh Ward, HCMC, Lotte Eco Smart City Thu Thiem covers 74,513.4 m² (approximately 7.45 hectares) and comprises six adjoining land plots, numbered 2-1 to 2-6. The project has a total investment of approximately VND 60 trillion. 

The project is planned as a large-scale, mixed-use development bringing together Grade A office towers, commercial and retail space, service facilities, accommodation, residential buildings, and public spaces in an integrated urban complex. Its planning, development, and operation will follow international urban development standards. 

The site borders Thu Thiem’s central square and central lake, connects directly to the Thu Thiem Tunnel, and faces the Saigon River, with views of the existing city center. It is also close to To Huu Metro Station and Ba Son Bridge, with convenient access to the transport network serving HCMC’s International Financial Center. The project is also expected to benefit from the planned Thu Thiem–Long Thanh metro line, which will connect Thu Thiem with Long Thanh International Airport, as well as Metro Line 1 (Ben Thanh–Suoi Tien) and its planned extension toward Dong Nai and Long Thanh. 

The Lotte–Phat Dat partnership and their scopes 

The project is being developed by Lotte Properties HCMC Co., Ltd., in which Phat Dat holds a 35% stake under Decision No. 4102/QD-UBND dated July 3, 2026, issued by the HCMC People’s Committee. Lotte’s participation in the joint venture is through three companies: Lotte Shopping Co., Ltd., Hotel Lotte Co., Ltd., and Lotte Engineering & Construction Co., Ltd. 

Under the agreed development plan, Phat Dat and Lotte will jointly develop the residential components in Blocks 2-2, 2-4, and 2-6. Phat Dat will be responsible for developing the high-rise buildings in Blocks 2-1 and 2-3, which comprise commercial, service, and office space. Its scope also includes the four-floor commercial and service podiums and basement levels, with a total gross floor area (GFA) of approximately 219,722 square meters.In Block 2-5, Lotte will develop the entire high-rise component, along with a four-floor commercial and service podium and basement levels. 

The project’s banking partners are Military Commercial Joint Stock Bank, Vietnam Joint Stock Commercial Bank for Industry and Trade, and Joint Stock Commercial Bank for Investment and Development of Vietnam. 

A New Landmark for Thu Thiem’s Development 

As a major mixed-use development in the heart of Thu Thiem, the project is expected to contribute to the area’s growth as a new urban center for HCMC. It also reflects international investors’ long-term confidence in the city’s investment potential and further strengthens economic ties between Vietnam and South Korea. 

For Phat Dat, becoming a direct co-development partner in one of the major urban projects in the heart of Thu Thiem reflects its strategy of focusing resources on high-value assets in central HCMC. The partnership also gives Phat Dat an opportunity to work with an international developer to create a landmark worthy of Thu Thiem, HCMC, and Vietnam’s aspirations for future growth.