Lotte E&C to create a hallmark in Vietnam’s high-end residential segment
Lotte E&C to create a hallmark in Vietnam’s high-end residential segment
Lotte E&C, a member of South Korean giant Lotte Group, has recently entered a strategic partnership with Ho Chi Minh City-based major developer Novaland for high-end project development.
Mr Jun Sung Ho, General Director of Lotte E&C Vietnam, shares about the company’s development journey in Vietnam and its commitment to create an iconic high-end residential development as the main contractor at Novaland’s flagship project, the Grand Manhattan.
Could you give us a glimpse into Lotte Engineering and Construction’s (Lotte E&C) track record in development as well as its experience in high-end residential project construction?
Lotte Group is the fifth-largest conglomerate in Korea, expanding its business and contribution to the economy with 107 affiliate companies.
As a main member of Lotte Group, Lotte E&C is one of the top 10 general contractors in Korea with the annual revenue of $5.25 billion in 2018.
Established in 1959, Lotte E&C has carried out many construction projects including building works, housing works, civil and infrastructure works, and plant works, among others.
Also, as a developer and investor, Lotte E&C has initiated the luxury apartment brandname ‘Lotte Castle’ first in Korea and it is leading the luxury housing market by offering consistent high quality and customer’s satisfaction.
In 2018, Lotte E&C distributed 20,794 apartment units to the Korean housing market, and took on housing projects in Vietnam and Indonesia as a developer and investor.
After the completion of the 123-storeyLotte Super Tower, the tallest building in Korea, Lotte E&C has been acknowledged for its prime construction technology and also enjoys great reputation in Vietnam after the completion of the 65-storey Lotte Centre Hanoi.
To date, Lotte E&C has completed Lotte Centre Hanoi, Lotte Mart in Ho Chi Minh City, and the Yen Vien-Lao Cai railway project and has engaged in building three major expressway projects including the Danang-Quang Ngai and Lo Te- Rach Soi expressways.
Lotte E&C embodies the vision of a “Lifetime Value Creator”, expressing its commitment to become a sustainable company offering significant values of Total Construction Service to our customers in every moment.
Why did Lotte E&C decide to partner up with Novaland and take on the role of main contractor of the Grand Manhattan high-end residential project?
When seeking for partnership, Lotte E&C emphasises the reputation and strategic vision of the partner. Novaland, a local developer with great consumer satisfaction and reputation, shares our business values and corporate management system which were eventually the factors convincing us to partner with them for the development of various shared projects.
With Lotte E&C's high value-added technology and site management expertise regarding high-rise buildings and high-end apartments, along with Novaland's local know-how, the partnership is expected to generate significant synergy effects.
The partnership prioritises high-quality results and consumer satisfaction, which is expected to contribute to the overall advancement of the Vietnamese real estate market in the near future.
What will be your main responsibilities as the main contractor of Novaland’s flagship Grand Manhattan project?
We pledge to secure both the client’s and customers’ satisfaction. Lotte E&C assures quality control throughout the construction process by applying our extensive construction know-how accumulated over the years and dispatching highly experienced experts, committing our utmost efforts to prevent any accidents.
Moreover, we pledge to minimise environmental contamination by using eco-friendly methods and installing a real-time monitoring system.
Together with Novaland, we are highly committed to bringing only the highest-quality apartments and utilities for the homeowners of the Grand Manhattan.
How has Lotte E&C prepared for this contract?
For the Grand Manhattan project, Lotte E&C will send experts with a wealth of experience and deep understanding of luxury apartments. Also, people having working experience in Vietnam, such as those formerly engaged in the construction of Lotte Centre Hanoi and other works, will be given priority as they have already adapted to the Vietnamese culture and can share their experience in site management in Vietnam.
Lotte E&C will ensure the quality of the building and the safety of the site by strictly adhering to site management manuals. The material quality will also be monitored using our state-of-the-art material management system.
What sets Lotte E&C apart from other contractors and what unique values will you bring to the Grand Manhattan?
Our company’s three primary goals are quality, construction progress, and safety. In addition, Lotte E&C will also work hard to upscale the value Novaland brings to the project, and will also strive to fulfill the needs of residents.
Lotte E&C will create apartmentsthat residents and ownerscan call their homes and be satisfied with in the years to come.
Vietnam is one of Lotte Group’s priority markets. Lotte E&C’s strategic approach to the market includes keeping a fine balance of contracted works and investments. This strategy enables Lotte E&C to contribute to Vietnam’s economic growth.
As a result, we are confident to say that Lotte E&C is the best contractor Vietnamese clients can select.
What feature of the Grand Manhattan has impressed you the most?
The Grand Manhattan project is a luxurious apartment project located in District, Ho Chi Minh City. It is themed after New York’s Manhattan city, and will definitely become one of the city’s most high-end apartments offering nearby infrastructure and commercial facilities.
Novaland, a developer with a respectable track record in project development, leveraging the success of its previous projects and Lotte E&C’s proven capacity for luxury apartment development will synergise to provide the best project possible.
Lotte E&C will strive to roll-out top-of-the line apartments to the satisfaction of prospective apartment owners, who will not regret their choices while living for decades in the apartments.
By co-operating with Novaland, Lotte E&C will provide an iconic new standard for luxury apartments, setting the bar high for future high-end projects in Vietnam.
