Joint Housing Development Abroad
Lotte Engineering & Construction signed an agreement for joint investment with Vasanta Indo Properti (VIP) in Indonesia in order to launch joint housing development projects there.
Lotte E&C announced on May 3 that the Signing Ceremony of Partnership Declaration for Saumata Premier Project in Indonesia took place on May 2 at the Signiel Hotel located in the Lotte World Tower in Jamsil.
The purpose of the agreement is to develop two apartment buildings in the commercial zone of Alam Sutera, a new town located to the west of Jakarta. The B1 to 39F buildings are scheduled to house 502 households.
The construction is scheduled to start in March 2019 and be completed in November 2021. Lotte E&C is estimating the total sales of the project at US$100 million.