Partnership for Development of New Towns in Vietnam
Lotte Engineering & Construction announced on May 14 that it has signed a strategic partnership deal with Novaland Group, a property developer in Vietnam, to jointly promote construction projects in the Southeast Asian country.
Lotte E&C signed a partnership agreement with the Vietnamese company at the latter’s main office building in Ho Chi Minh City on May 8.
Through the agreement, Lotte E&C will cooperate with Novaland Group in promoting the Grand Manhattan Project in District 1 of Ho Chi Minh City and two apartment complexes in District 2 of Ho Chi Minh City and the development of new towns near and in Ho Chi Minh City.
The Grand Manhattan Project consists of three buildings with four basement floors and 38 floors above ground. They will have 1,031 luxury apartments and 231 studio apartments. The lobbies and second floors of the buildings will be occupied by commercial facilities and the third to seventh floors will be used as business hotels. Luxury apartments and studio apartments will take the other floors above the eighth floor. The owners of the apartments and commercial facilities will move into the buildings in 2021.
The other construction project will be implemented in District 2 of Ho Chi Minh City. In addition to these projects, Lotte E&C will collaborate with Novaland Group for the development of new cities near and in Ho Chi Minh City.