On July 31, 2026, Lotte Properties HCMC completed the payment of land use fees for the Lotte Eco Smart City in Thu Thiem. This paving the way for the joint venture with Phat Dat to accelerate the implementation of the 60,000B VND complex. Why is this legal milestone important for the overall real estate value of the Thu Thiem area?
Contents
The Lotte Eco Smart City project was first studied in 1997. HCMC signed an investment contract with Lotte in 2017 and held a groundbreaking ceremony in September 2022, but for nearly 8 years after that, the project could not move forward due to legal and financial obligation hurdles.
In June 2025, HCMC approved the land valuation for the project with a total value of over 16,190 billion VND, creating the foundation for the developer to complete its financial obligations. On July 31, 2026, Lotte Properties HCMC officially paid the full 17,569 billion VND in land use fees, marking a complete legal foundation for the project to transition into actual construction.
The project is developed on a land area of about 7.54 hectares in Functional Zone 2A of the Thu Thiem New Urban Area, with an estimated total investment of about 60,000 billion VND. This is an increase of nearly 40,000 billion VND compared to the previously licensed capital of over 20,100 billion VND. The master plan includes Grade A office towers, commercial and retail podiums, hotels, apartments, and public spaces within a synchronized ecosystem.
In the partnership structure, Phat Dat currently holds a 35% stake in Lotte Properties HCMC, Lotte Shopping (30.59%), Hotel Lotte (22.94%), and Lotte E&C (11.47%). To join the project, Phat Dat spent more than 2,444 billion VND through consecutive deposits and payments, while also restructuring its investment portfolio by divesting over 6,000 billion VND from other assets to focus resources on this project.
Phat Dat signed a credit facility agreement with MB Bank, with a maximum limit of 8,835B VND serving the investment and development.
Mr. Shin Man Soo, Vice Chairman of Lotte E&C, noted that Lotte Eco Smart City Thu Thiem is one of Lotte’s key projects in Vietnam, where Lotte Group’s international development experience combines with Phat Dat’s deep market understanding to create a foundation for implementing a project with the highest standards. When a listed domestic company is willing to restructure its entire investment portfolio to focus resources on a single project, that is proof of confidence clearer than any advertisement.
Along with Sala Urban Area, The Metropole Thu Thiem, and Empire City, Lotte Eco Smart City is one of the mega projects shaping the face of Thu Thiem. Average apartment price levels in this area have increased by nearly 30% over the past year, partly driven by expectations surrounding mega projects restarting or accelerating implementation.
The key point of differentiation for Lotte Eco Smart City lies in the scale of Grade A offices within the complex, adding a new layer of value to the area. While Sala, Metropole, and Empire City mainly position Thu Thiem as a high-end residential area, Lotte Eco Smart City helps reinforce the financial and commercial center role of this peninsula.
When multiple mega projects simultaneously resolve legal bottlenecks and accelerate implementation, this serves as a signal reinforcing long-term confidence for the entire area, not just a single project. HCMC 100-Year Master Plan.
The completion of land financial obligations for Lotte Eco Smart City after nearly three decades is not just news about a single project, but a confidence signal for the entire Thu Thiem market. As major mega projects resolve legal bottlenecks at the same time, investors have a stronger foundation to trust in the long-term potential of this area.
Looking for a trustworthy real estate agent? La Quinta is your one-stop partner. We offer turnkey support for buying/selling, renting, interior design & furnishing, and full property management. Contact us today.
Mr. DONNIE KIM (Korean & English)
Associate Director
Phone number: 0898 48 38 68
Email: kdh@lqltd.com
Zalo: 0898 48 38 68 (La Quinta)
Kakaotalk ID : kdhrpm
WeChat: LQ-kdh
Whatsapp: +84 89 848 38 68
Ms. TRẦN HOÀNG OANH (Vietnamese & English)
Director of Residential and Investment Team
Phone number: (+84) 937 836 896
Email: christine@lqltd.com
Zalo: 09 3783 6896 (Oanh – Christine)
Whatsapp: +84 937 83 896
Wechat: Oanhhoangtran
