Nguyen Viet Cuong, chairman of Vietnam’s Phu Cuong Group (left) and Han Yong-soo, head of Lotte E&C’s overseas sales division (right) are shaking hands after signing a contract on an urban development project in Ho Chi Minh City. [Photo provided by Lotte Engineering & Construction Co.]
South Korea’s Lotte Engineering & Construction Co. (Lotte E&C) has joined an urban development plan led by Vietnam’s Phu Cuong Group to install a 725-unit apartment complex in Ho Chi Minh City.
Lotte E&C said Thursday it signed a contract with Phu Cuong Group to cooperate on constructing an apartment complex in southeastern Ho Chi Minh City, the largest city of Vietnam. The project dubbed Pho Cuong Pearl is to build 725 apartment units in a complex of two 25-storey (above ground) buildings and commercial facilities. The project will break ground in October and complete the construction by May 2020.
The two companies estimated they would generate up to $98 million in sales from selling the residential and commercial spaces. The Korean builder owns a 51 percent stake in the project.
Phu Cuong Group is Vietnam’s mid-sized real estate developer. It owns a tract of land in Ho Chi Minh City and is leading various property development projects including 3,400-unit apartment complex building and a new town development.
Lotte E&C earlier this year has set Vietnam and Indonesia as its strategic foreign markets for overseas expansion. It is currently constructing a shopping mall in Jakarta, Indonesia.
By Chung Soon-woo and Cho Jeehyun
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