Lotte Properties and Phat Dat develop Thu Thiem Eco Smart City

May 27, 2026 | 22:18

(0) user say

Lotte Properties Ho Chi Minh City and Phat Dat Real Estate Development Corporation on May 26 signed an MoU to advance strategic cooperation related to Thu Thiem Eco Smart City, a landmark venture located in Thu Thiem New Urban Area.

The project is positioned as one of the landmark urban complexes in Thu Thiem, featuring a large-scale integrated development comprising a commercial centre, office space, hotels, high-end apartments, and smart urban utilities. It is expected to contribute to the formation of Ho Chi Minh City’s new international financial and commercial hub.

Lotte Properties and Phat Dat develop Thu Thiem Eco Smart City

Nguyen Van Dat, chairman of Phat Dat (sitting left) and Jung Sung Ho, general director of Lotte Properties HCMC
(sitting right) at the signing ceremony

The signing of the MoU marks an important milestone in the partnership between the two parties, while also opening up opportunities to leverage their strengths in development, international expertise, and implementation capabilities towards long-term development values.

The complex is among the largest projects in Thu Thiem New Urban Area, with a preliminary investment value estimated in 2017 at $900 million.

The project is being developed on a land plot of nearly 7.45 hectares, of which 5ha is allocated for commercial centres, offices, hotels, serviced apartments, and freehold residential apartments, while the remaining space is designated for internal transport infrastructure.

When finished it will provide more than 505,000 sq.m of gross floor area, with residential space, office space, and the remainder allocated to retail, hospitality, and serviced apartments.

Thu Thiem Eco Smart City will feature a 64-storey office, hotel, and serviced apartment tower standing 240 metres high, making it among the tallest buildings in the area.

The complex was allocated and leased land by Ho Chi Minh City People’s Committee in August 2022. Construction began the same year, and ground levelling has been completed.

Mega-projects in need of getting a grip

Despite gaining licences years ago, a number of foreign-invested projects valued at billions of US dollars continue to lag behind schedule, with no solutions yet available for them to get out of the impasse.

By Bich Ngoc

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional