PDR sells projects to mobilise $400 million stake in Lotte Properties HCMC

2h ago

13-06-2026 11:33:34+07:00

On June 11, Phat Dat Real Estate Development Corp. announced plans to seek shareholder approval via written consultation for several proposals, including a plan to acquire an equity stake in Lotte Properties HCMC with an estimated transaction value of VND10.4 trillion.

According to the Board of Directors' proposal, the transaction value between 35 and 50 per cent of PDR's total assets.

The proposed acquisition marks one of the company's largest investment deals and forms part of its strategy to expand its project portfolio in residential and commercial real estate.

The target asset is an equity interest in Lotte Properties HCMC, the developer of a large-scale mixed-use project, including residential, commercial, and service components.

PDR's Board of Directors has also requested authorisation to oversee and execute the deal, including the right to delegate authority to the chairman and/or CEO to make decisions and carry out all procedures related to the transaction in necessary accordance with the resolution approved by shareholders.

The date for eligible shareholders entitled to participate in the written voting process was set as June 1. The consultation commenced on June 11 and will conclude on June 22.

The move is widely seen as a significant step forward in PDR's plan to mobilise capital and proceed with the acquisition of an equity stake in Lotte Properties.

The proposed acquisition comes shortly after a series of divestment moves by PDR, which could help the company strengthen its financial position and mobilise capital for new investments.

On June 10, PDR approved in principle a plan for its subsidiary, Binh Duong High-Rise Investment Real Estate JSC, to transfer its entire holding of 136.86 million shares in Hoa Phu High-Rise Investment and Development Real Estate JSC at a price of no less than $115 million.

Hoa Phu High-Rise Investment and Development Real Estate JSC is the developer of the Thuan An 2 High-Rise Mixed-Use Residential Complex, a project spanning more than 2.65 ha with a total gross floor area of nearly 270,000 sq.m and an estimated investment capital of around $261 million.

Earlier, on June 4, PDR also approved the transfer of its entire stake, representing 99.34 per cent of the charter capital, in Serenity Investment JSC at a price not lower than its investment cost, subject to efficiency considerations and compliance with applicable regulations.

Serenity Investment JSC is the developer of the 7.4-ha Serenity Phuoc Hai project, which is designed to deliver more than 6,000 condotel units and over 280 hotel rooms, with a total gross floor area approaching 296,000 sq.m.

While PDR has not disclosed the transaction value of the Serenity divestment, given the scale of the venture, market observers believe the deal could be worth several trillion Vietnamese VND.

Taken together, the recent divestments suggest that PDR may be actively restructuring its investment portfolio and unlocking capital from non-core assets as it prepares for larger strategic transactions, including the proposed VND10.4 trillion acquisition of an equity stake in Lotte Properties HCMC.

The series of divestments appears to be a logical strategic move as PDR is increasingly concentrating its resources on its partnership with Lotte Properties HCMC in the development of Thu Thiem Eco Smart City.

Previously at the end of May, PDR and Lotte Properties Ho Chi Minh City had signed an MoU to advance strategic cooperation related to Thu Thiem Eco Smart City, a landmark venture located in Thu Thiem New Urban Area with a preliminary investment value estimated in 2017 at $900 million.

The venture is being developed on a land plot of nearly 7.45 ha, of which 5 ha is allocated for commercial centres, offices, hotels, serviced apartments, and freehold residential apartments, with the remainder for transport infrastructure.

When finished it will provide more than 505,000 square metres of gross floor area, with residential space, office space, and the remainder allocated to retail, hospitality, and serviced apartments.

Thu Thiem Eco Smart City will feature a 64-storey office, hotel, and serviced apartment tower standing 240m high, making it among the tallest buildings in the area.

The complex was allocated and leased land by Ho Chi Minh City People's Committee in August 2022. Construction began the same year, and ground levelling has been completed.