Phu Cuong Investment Corporation and Lotte Engineering and Construction Company Ltd have announced plans to jointly develop housing, shopping and service projects in Viet Nam.

A joint venture contract they signed last week in HCM City envisages development of their first project, an apartment in Thanh My Loi Ward in the city’s District 2.

To come up around 500m from the District 2 administrative centre, the project will cost over VND1.5 trillion (US$65 million).

It will have two buildings of 25 floors each with 751 high-end condos, amenities like an infinity swimming pool, gym and shop-houses.

The two companies hoped their co-operation would particularly assist the Government’s policy of attracting foreign investment.

Phu Cuong Investment Corporation, a member of the Phu Cuong Group, has invested in projects to develop urban areas and recycle energy in HCM City and the Mekong Delta. – VNS