Phat Dat's 'gamble' in the Thu Thiem Eco Smart City project.

The rapid price increase is the basis for investors to rush to bet on the Thu Thiem New Urban Area. Among them, Phat Dat has deposited 900 billion VND to acquire a 35% stake in the Eco Smart City project.

ZNews•31/05/2026

On May 30th, the leadership of Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) confirmed that they had transferred a deposit of VND 900 billion in accordance with the terms agreed upon in the memorandum of cooperation between PDR and Lotte Properties HCMC Co., Ltd. regarding the Thu Thiem Eco Smart City project.

The chosen one

Previously, on May 26th, Phat Dat and Lotte Properties HCMC Co., Ltd. signed a memorandum of cooperation to promote strategic cooperation related to the Thu Thiem Eco Smart City project in the Thu Thiem New Urban Area, Ho Chi Minh City.

Mr. Nguyen Van Dat, Chairman of the Board of Directors of Phat Dat Real Estate Development Joint Stock Company, said that the Thu Thiem Eco Smart City project is positioned as one of the iconic urban complexes in the Thu Thiem New Urban Area. With its large scale, integrating shopping malls, offices, hotels, luxury apartments, and smart urban amenities, Thu Thiem Eco Smart City will promote the formation of a new international financial and commercial center for Ho Chi Minh City.

Earlier this year, the Ho Chi Minh City Department of Finance issued document No. 3730 reporting to the Ho Chi Minh City People's Committee on the proposal from Lotte Properties HCMC Co., Ltd. (part of the Lotte Group of South Korea) regarding a smart complex project in the Thu Thiem New Urban Area.

Previously, Lotte Properties HCMC submitted a proposal seeking official feedback on allowing external investors to raise 35% of the capital through the transfer of equity, and on adjusting the ownership ratios among Lotte Group members after the participation of external investors.

Currently, Lotte Properties HCMC is in discussions with potential investors, based on the premise that the Ho Chi Minh City People's Committee allows external investors to participate in the project with a 35% stake. After identifying the investor who will participate with a 35% stake, Lotte Properties HCMC will proceed to submit the official application to the Ho Chi Minh City People's Committee for assessment and approval.

Notably, Lotte Properties HCMC also provided a list of potential investors currently under discussion and a plan to adjust the ownership ratio among members of the Lotte Group. Accordingly, the investors mentioned by Lotte Properties HCMC are Son Kim Real Estate Investment Joint Stock Company, Huong Viet Investment Consulting Joint Stock Company, and Phat Dat Real Estate Development Joint Stock Company.

The Thu Thiem Eco Smart City project is located in functional zone 2A, Thu Thiem New Urban Area, An Khanh ward. This area is situated along the Saigon River, near the Thu Thiem Tunnel, within the development space of the international financial center and directly connected to the center of Ho Chi Minh City.

According to the plan, in the coming years, Thu Thiem will continue to receive many important infrastructure and urban development projects. Specifically, Metro Line 2, the Ben Thanh - Thu Thiem section, commenced construction on April 29th and is expected to be completed and put into operation in 2030. The Thu Thiem - Long Thanh railway line is also undergoing expedited procedures to begin construction before July 2nd, aiming to connect the central area of Ho Chi Minh City with Long Thanh International Airport.

The project for the central square and administrative center of Ho Chi Minh City in the Thu Thiem New Urban Area commenced on April 29th, with expected operation from 2028. The detailed planning of the Political -Administrative-Cultural Center and the Central Lake Park, covering an area of over 33 hectares, has been approved at a scale of over 33 hectares.

Why place a bet?

Thu Thiem Eco Smart City is developed on a 7.45-hectare plot of land, comprising more than 11 blocks and a total construction floor area of over 680,000 m2, with an investment capital of up to VND 20,100 billion . The investor is Lotte Properties HCMC Co., Ltd. (part of Lotte Group of South Korea).

The project comprises 5 basement levels and 60 above-ground floors, integrating a hotel, residential areas, commercial spaces, and applying smart technology to enhance its value. Upon completion, the project will contribute to the formation of a financial, banking, commercial, and service center in the Thu Thiem New Urban Area.

Over the past few years, developers have been accelerating their projects to capitalize on the growth cycle of the Thu Thiem New Urban Area. In the Sala Urban Area, Dai Quang Minh Company (part of Thaco Group) is speeding up the Sarene Residence & Commercial Complex project on plot 6.8 in the northern subdivision and the Savila low-rise subdivision in the southern part of the urban area. These are also the first projects to be restarted after nearly eight years of inactivity.

Similarly, the Narra Residences (MU8) subdivision of the Empire City project has also been relaunched after a long period of stagnation due to legal issues. The future potential and rapid price appreciation are the foundation for investors to be betting on the Thu Thiem New Urban Area.

Comparing apartment prices in the Phu My Hung urban area to those in the Thu Thiem New Urban Area, it's clear that despite being a later development, apartment prices in the Thu Thiem New Urban Area have surpassed Phu My Hung. Currently, apartment prices in Phu My Hung range from 80 to 180 million VND/m2 depending on the subdivision, with an average increase of about 10% per year. Meanwhile, many new projects in Thu Thiem have already exceeded 200 million VND/m2.

According to David Jackson, General Director of Avison Young Vietnam, real estate prices in Thu Thiem are expected to increase sharply between 2015 and 2025 due to several fundamental factors such as its proximity to the former District 1, scarce land supply, integrated infrastructure, and its orientation to become the new financial center of Ho Chi Minh City.

From the beginning of 2026 until now, the Thu Thiem apartment market has seen almost no new primary supply, except for a few projects expected to launch this year such as Sala Sarene. For low-rise properties, supply is virtually nonexistent because most of the land has already been planned and developed in previous phases, while the area's long-term orientation focuses on high-rise projects and commercial and financial functions.

According to Jackson, the scarcity of supply has caused secondary market prices for both apartments and low-rise houses in Thu Thiem to continue rising sharply, now significantly higher than the primary market prices at the early stages of the urban area's development.

After the period of 2026-2030, when the new central business district ecosystem is completed, Thu Thiem could enter a new growth cycle with price levels capable of exceeding the average in District 1 in some high-end segments.

Source: https://znews.vn/canh-bac-cua-phat-dat-o-du-an-thu-thiem-eco-smart-city-post1655694.html