Lotte E&C “pours” USD 100 million and shakes hand with TTC Land to develop projects

On November 21st, 2019, at the headquarter of Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, code: SCR) was hold strategic MOU signing ceremony between TTC Land and Lotte E&C – Korea.

Lotte E&C, through its subsidiary in Vietnam, Lotte Land, will jointly develop real estate projects with TTC Land. Lotte E&C plans to invest around USD 100 million in projects with the initial USD 22 million will be poured into TTC Land early next year.

Mr. Nguyen Dang Thanh - Chairman of TTC Land and Mr. HAN Yong Soo - Executive Vice President of Lotte E&C Korea, signed the memorandum of understanding (MOU).

Following the comprehensive restructuring strategy of TTC Land, which was approved at the General Meeting of Shareholders in April 2019, building a "strong and sustainable financial structure" is one of the strategies that TTC Land especially pays attention to, prioritizes and accelerates deployment.

The event of signing strategic cooperation agreement between TTC Land and Lotte E&C marked the first successful milestone in actualizing this strategy.

Lotte E&C, one of the Lotte Group's key member companies, is a real estate developer and general contractor operating in all fields of construction with its headquarters located in Korea and many branches worldwide.

Founded in 1959, Lotte E&C has archived outstanding growth for decades, recording nearly USD 5.5 billion in revenue, USD 4.5 billion in total assets with more than 3,000 employees.

Lotte E&C is the leader in Korean housing market with the supply of more than 20,000 houses per year and is proud of the projects invested by Lotte E&C becoming regional symbol such as the 123-floor Lotte World Tower and the 65-floor Lotte Center Tower in Ha Noi.

After a period of working and negotiating, TTC Land and Lotte E&C reached an agreement and signed a strategic cooperation. Accordingly:

TTC Land will carry out researches, build up planning and accelerate the completion of legal procedures as well as develop clean land fund.

Lotte E&C will build up the business structure, finance and arrange capital for the project; participate closely and contribute to the design, construction, project marketing activities, etc.

At the signing ceremony, representatives of Lotte E&C, Mr. HA Suk Joo – President cum CEO – expressed his pleasure to become a strategic partner of TTC Land and hoped that the both sides would work closely to develop projects successfully in the future.

From TTC Land, the Chairman, Mr. Nguyen Dang Thanh hoped that the cooperation will create a new breakthrough and he also said, “Lotte E&C is a real estate developer and general contractor in all fields of construction with strong financial potential. Besides that, TTC Land especially has 15 years of real estate development experience in Vietnam with abundant land fund. The cooperation between the two parties is the resonance of power to implement high-quality real estate projects from planning, design to construction with the goal of bringing Vietnamese people real estate projects with best living environment and quality”.

The event of signing strategic cooperation agreement between TTC Land and Lotte E&C marked the first successful milestone in TTC Land’s active approaching of global capital.

TTC Land currently owns 27 projects, which have been handed over, serving more than 105,000 customers. At present, TTC Land's total assets is over VND 11,000 billion, the total land fund is over 1,500 hectares, the with over 600 employees and the investment area expanding to many provinces and cities across Vietnam.

During the last 6 months, TTC Land has implemented many strong restructuring activities as planning. In financial restructuring, the company has been proactively approaching to global capital that is one of the important goals TTC Land will continue to pursue in the coming time.

In the direction of a comprehensive transformation strategy and the business philosophy of "customer-oriented, customer-centric", TTC Land expects to become one of the best real estate developers with excellent products. The cooperation with Lotte E&C is an opportunity for TTC Land to approach good source of capital, advanced real estate development techniques and experienced personnel helping TTC Land to accelerate actualizing its business philosophy.