Korea’s Lotte to invest $100m in property joint venture with TTC Land

Korea’s Lotte to invest $100m in property joint venture with TTC Land

HCM CITY — Saigon Thương Tín Real Estate Joint Stock Company (TTC Land) and South Korea’s Lotte Engineering and Construction Co, Ltd (Lotte E C) signed a strategic partnership agreement to jointly develop property projects on Thursday.

Lotte E C will invest around US$ 一00 million in the projects, including $ 二 二 million early next year.

TTC Land will research and do the planning for projects and complete legal procedures to ensure unencumbered land is available for the projects.

Lotte E C will arrange finance for the projects as well as participate in the design, construction and marketing activities of these projects.

As a main member of Lotte Group, Lotte E C is a leading real estate developer and general contractor in various sectors in the construction industry in Korea and many other countries.

It annually sells over  二0,000 apartments in Korea and has a number of high-profile projects such as the  一 二 三-storey Lotte World Tower, the tallest building in Korea, and the  六 五-storey Lotte Centre Hà Nội.

Nguyễn Đăng Thanh, chairman of TTC Land, said: “The co-operation will leverage both sides’ strengths and experience to develop high-quality real estate projects from planning and design to construction in order to bring to Vietnamese real estate projects with the best quality and living environment.”

TTC Land currently has  二 七 projects in several provinces and cities, asset of over VNĐ 一 一 trillion (US$ 四 七 四. 四 million) and land of over  一, 五00 hectares. — VNS