PDR pays 7.7 trillion VND for 35% stake in Lotte Thu Thiem project

Overview

PDR (HOSE) has completed a 7,666 billion VND payment for a 35% stake in Lotte Properties HCMC, the entity behind the Lotte Eco Smart City Thu Thiem project. The transaction values the project company at approximately 21,900 billion VND and marks a key milestone for the 60,000 billion VND mixed-use development in Thủ Thiêm.

Key Facts

• PDR paid 7,666 billion VND on 10 August 2026 to complete the acquisition of a 35% stake in Lotte Properties HCMC.
• The payment values Lotte Properties HCMC at approximately 21,900 billion VND.
• Lotte Properties HCMC had earlier completed its land financial obligations for the project on 31 July 2026, paying 17,569 billion VND in total.
• The project, Lotte Eco Smart City Thu Thiem, spans about 7.5 hectares in the Thủ Thiêm new urban area and has a total investment of 60,000 billion VND.
• Post-transaction, PDR holds 35%, while Lotte Shopping holds 30.59%, Hotel Lotte 22.94%, and Lotte Engineering & Construction 11.47%.
• PDR will co-develop residential blocks 2-2, 2-4, and 2-6, and lead development of commercial towers 2-1 and 2-3, plus the commercial podium and basements.
• The project was first broken ground in September 2022 but faced delays due to land-use fee determination issues.

What Happened

On 10 August 2026, PDR announced it had completed all payment obligations totaling 7,666 billion VND to acquire a 35% stake in Lotte Properties HCMC, the legal entity implementing the Lotte Eco Smart City Thu Thiem project. The payment follows the project company’s settlement of its land financial obligations on 31 July 2026, when it paid 17,569 billion VND to the state.

The transaction values Lotte Properties HCMC at roughly 21,900 billion VND. According to the partnership structure, PDR will co-develop residential blocks 2-2, 2-4, and 2-6, and will lead the development of two commercial towers (2-1 and 2-3) along with the commercial podium and basements. The project, located in the Thủ Thiêm new urban area, has a total investment of 60,000 billion VND and is planned as a mixed-use complex of housing, offices, hotels, and retail.

Market Context

PDR shares closed at 12,100 VND on 12 August 2026, reflecting a period of consolidation. The completion of this transaction removes a key overhang for PDR, as the project had been delayed since its groundbreaking in September 2022 due to land-use fee disputes. The Thủ Thiêm area is one of Hồ Chí Minh City’s most sought-after real estate locations, and this project adds significant development pipeline to PDR’s portfolio.

Strategic Significance

For long-term investors, this deal transforms PDR’s project pipeline by adding a high-profile joint venture with Lotte, a major Korean conglomerate. The 35% stake gives PDR meaningful exposure to a 60,000 billion VND project without bearing the full development risk. The completion of land financial obligations clears the path for construction, which could generate revenue recognition over the coming years. The partnership also diversifies PDR’s funding sources and enhances its credibility in the premium segment.

What to Watch

• Progress on construction milestones for blocks 2-1, 2-3, and residential blocks 2-2, 2-4, 2-6.
• Any further capital calls or funding arrangements for the project.
• PDR’s quarterly earnings reports for recognition of development fees or profit sharing.
• Regulatory approvals for project phases and sales launches.
• Updates on the broader Thủ Thiêm new urban area infrastructure development.