Lotte Engineering & Construction (E&C) announced on August 9 that it has concluded a joint investment agreement with the Phu Coung Group of Vietnam for the Phu Coung Pearl Apartment Development project.
Han Yong-soo, head of the Overseas Sales Division at Lotte Engineering & Construction and chairman Cuong of the Phu Coung Group of Vietnam attended the agreement ceremony held at Lotte Legend Hotel in Ho Chi Minh City, Vietnam.
The Phu Coung Pearl Apartment Development project is to build a 725-household apartment complex in Ho Chi Minh City, Vietnam. There will be two 25-story apartment buildings and commercial facilities. Ground will be broken in October of this year and the complex will be completed in May of 2020. Lotte E&C's stake is 51%, and its sales are expected to hit about US$ 98 million.
"Lotte E&C is a construction company with advanced technology in various fields such as construction, housing, infrastructure and plants, the ability to attract anchor tenants and know-how in complex development projects and large-scale new city development projects,” chairman Cuong said. “We expect win-win growth with Lotte E&C as a long-term partner in the future through this project.”
In the meantime, Lotte E&C is accelerating overseas housing projects after selecting Vietnam and Indonesia as its bases among developing countries.