It is the first time the Ho Chi Minh City-based property developer has appointed a foreign contractor for its high-end projects.
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.
Accordingly, Lotte E&C will build The Grand Manhattan in Dictrict 1 and two other upcoming projects in District 2, Ho Chi Minh City.
The Grand Manhattan is designed with over 1,000 condominium units, which are being sold for more than $6,000 per square metre.
The complex, which will also feature a shopping mall, will be completed and handed over to buyers in the final quarter of 2021.
Novaland CEO Bui Xuan Huy noted given its experience and reputation in the field of construction, Lotte E&C would be able to build high-quality projects, which at the end of the day can meet the standards and schedules as well as provide buyers a peace of mind.
“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.
Executive vice president of Lotte E&C, Han Yongsoo said he was confident that the cooperation with Novaland, which has built up reputation in Vietnam, would serve as a stepping stone for the company to reach further into the Vietnam’s potential real estate market.
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.
In the next five years the group will continue to deploy its second phase of development that particularly focus on the mid- and high-end property segments, including residential housing projects, satellite towns and tourism property complexes.
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.
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