In Partnership with Local Firms
Lotte Engineering & Construction has forged business ties with Vietnamese and Indonesian companies to participate in local property development projects.
The company announced on Oct. 18 that it signed an MOU with Phu Cuong Investment, a mid-size real estate developer in Vietnam, on Oct. 1 to promote the Western Gate Project.
The two companies will cooperate in building commercial facilities, five apartment buildings and schools, and a large sales facility in the Ben Thanh area of Ho Chi Minh City.
Prior to this, the company signed an agreement to invest in the Vasanta Innopark Project in Jakarta, Indonesia.
Lotte E&C has joined hands with Vasanta Indo Properti (VIP) Group of Indonesia to build a large residential and commercial complex, including 6,532 apartment units, store-type houses, condominiums, offices, shopping malls, hotels and residences.
Lotte E&C is participating in the first stage of the project, which involves construction of apartments and store-type houses, and has yet to decide on participating in the second stage, which involves construction of the remaining facilities.
"We recently signed a number of MOUs with various foreign companies to create synergy with them based on our diverse business experiences and expertise," said a Lotte official.