Lotte E&C picked as main contractor of The Grand Manhattan
The Grand Manhattan consists of three 39-storey apartment blocks, which are being built on an area of 14,000 square meters at the intersection of Co Giang and Co Bac streets in District 1.
The ground and first floors of the three residential towers will be used for a shopping mall while a hotel managed by a foreign company will occupy the second to sixth floors. The rest of the buildings will be for condos. Homebuyers are expected to take delivery of their homes in the last quarter of 2021.
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 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.”
Han Yongsoo, executive vice president of Lotte E&C, said: “We highly value Novaland’s prestige in the Vietnamese real estate market given its housing projects in the past. We believe that our cooperation 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. A quarter of its land totaling 2,700 hectares will be allotted for housing development and the rest for tourism property development.
In the housing segment, Novaland will continue to get involved in projects in HCMC and neighboring provinces. It expects to launch some 4,500 units including condos, landed homes and villas, and hand over some 5,900 units to buyers this year.
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 town houses, resort villas and shophouses. These models are expected to help generate long-term profits.