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

Friday, Nov 22, 2019 20:15

Nguyen Dang Thanh, chairman of TTC Land and HAN Yong Soo, executive vice president and head of Overseas Business Division of Lotte E&C at the singing ceremony. — Photo courtesy of TTC Land

Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land) and South Koreas Lotte Engineering and Construction Co., Ltd (Lotte E&C) signed a strategic partnership agreement to jointly develop property projects on November 21.

Lotte E&C will invest around US$100 million in the projects, including $22 million in 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 20,000 apartments in Korea and has a number of high-profile projects such as the 123-storey Lotte World Tower, the tallest building in Korea, and the 65-storey Lotte Centre Ha Noi.

Nguyen Dang 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 27 projects in several provinces and cities, asset of over VND11 trillion (US$474.4 million) and land of over 1,500 hectares. — VNS

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