Lotte E&C, a subsidiary of Korean-backed Lotte Group, has become main construction contractor for three high-end apartment projects developed by Novaland.
The strategic cooperation agreement between the two parties was signed on May 8, 2019.
Under the deal, Lotte E&C is the main contractor of three high-end apartment projects of Novaland, including two coming projects located in District 2 and The Grand Manhattan.
The Grand Manhattan is a complex of three 39-storey apartment buildings. It is being built on an area of 14,000 square metres at the intersection of Co Giang and Co Bac streets in District 1.
The Grand Manhattan is designed with over 1,000 condominium units, which are being sold for more than $6,000 per square metre.
The ground and the first floor of the three buildings will be used as a shopping mall area while a hotel managed by a foreign company will occupy the second to sixth floors. The rest of the space will be taken by condos. Homebuyers are expected to take delivery of their homes in the last quarter of 2021.
The site of The Grand Manhattan is considered one of the rare “diamond” locations left in the heart of District 1. It is very close to Nguyen Hue Walking Street, Bui Vien Walking Street, Ben Thanh Market, the future Ben Thanh metro station, September 23 Park and many large malls and schools.
As a member of Lotte Group, Lotte E&C is a well-known international general contractor as well as a housing developer in Korea. Lotte E&C’s business lines include infrastructure, petrochemicals, and environment, among others.
Lotte E&C is a professional construction company. It has carried out multiple housing, serviced apartment, shopping mall, office building and traffic infrastructure projects in 21 countries. It has asserted its position through a lot of high-profile projects, such as The Seocho Lotte Caste 84’, Songdo Campus Town, Lotte World Tower and Lotte World Mall.
In Vietnam, Lotte E&C has also developed many infrastructure projects, including the 65-storey Hanoi City Complex in Hanoi. It will soon break ground for some traffic infrastructure projects in HCMC and other southern localities.
Explaining the decision to choose Lotte E&C as the main contractor of Novaland’s three projects, Novaland's CEO Bui Xuan Huy said: “We are highly confident that Lotte E&C, with its experience and prestige in the construction sector, will help Novaland develop these high-quality projects and bring convenience to customers. The partnership with Lotte E&C proves Novaland’s commitment to relentlessly improving the quality of its projects.”
“Signing a strategic partnership with Lotte E&C is also our clear commitment in making every effort to improve the quality of all Novaland’s projects,” Huy stated in a release.
Han Yongsoo,executive vice chairman of Lotte E&C, said: “We highly value Novaland’s prestige in the Vietnamese real estate market given its residential projects in the past. We believe that our strategic partnership with Novaland will help Lotte E&C further tap into the potential Vietnamese property market. Lotte E&C pledges to ensure the quality of Novaland’s three projects.”
By 2023, Novaland will continue to deploy the second phase of development, further tapping the mid- and high-end property segments which include housing projects, satellite towns and tourism property complexes. Novaland currently owns a land fund of 2,700 hectares with 75 per cent being earmarked for tourism property development and the remaining for housing development.
This year it plans to launch 4,500 housing units onto the market whilst handing over 5,900 units to buyers. In addition, the group will market 2,300 second-home villas and townhouses across the year under the three brands of NovaBeach, NovaHills and NovaWorld.
Meanwhile, in the tourism property segment, Novaland has launched three projects under NovaHills, NovaBeach and NovaWorld brands. In the coming time, the group will introduce some 2,000 tourism property products including resort townhouses, resort villas and shophouses. These models are expected to help generate long-term profits.