The signing ceremony of strategic cooperation between TTC Land and Lotte E&C - Korea took place on November 21, at the headquarters of Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land).

Mr. Nguyen Dang Thanh - Chairman of TTC Land and Mr. Han Yong Soo - Executive Vice President of Lotte E&C Korea, signed a memorandum of understanding

Accordingly, Lotte E&C, through its Vietnamese subsidiary Lotte Land, will cooperate with TTC Land to develop real estate projects. Lotte E&C plans to invest about 100 million USD in the projects. In the immediate future, 22 million USD will be "poured" into TTC Land early next year.

According to TTC Land's comprehensive restructuring strategy, 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's Board of Directors will prioritize and accelerate implementation.

This strategic cooperation signing event marks the first success in the company's proactive access to global capital

Lotte E&C, one of the main member companies of Lotte Group, is a real estate project developer and general contractor in all construction fields with head office located in Korea and many branches around the globe.

Established in 1959, Lotte E&C has enjoyed tremendous growth over the decades with recorded revenue of nearly $5.5 billion, total assets of $4.5 billion and more than 3,000 employees.

Lotte E&C is the leader of the housing market in Korea with the supply of more than 20,000 houses per year. The projects invested and built by Lotte E&C have become symbols of the region such as the 123-storey Lotte World Tower in Seoul and the 65-storey Lotte Center Tower in Hanoi.

After a period of working and negotiating, TTC Land and Lotte E&C have reached an agreement and signed a strategic cooperation agreement. Accordingly, TTC Land will research, make planning project and expedit legal procedures, develop a clean land fund for project development; Lotte E&C will build the business structure and financial arrangement for the projects. At the same time, closely participate and contribute to the design, construction and marketing activities of the projects, etc.

At the signing ceremony, representative of Lotte E&C, Mr. Ha Suk Joo - Chairman and CEO - expressed his pleasure to become a strategic partner of TTC Land. He also hoped that the two parties would cooperate closely to successfully develop future projects.

On TTC Land's side, Mr. Nguyen Dang Thanh - Chairman of the Board of Directors expects the cooperation will create a new breakthrough: “Lotte E&C is a real estate project developer and general contractor in all construction fields with strong financial potential. Particularly, TTC Land has 15-year experience in real estate development in Vietnam with an abundant land fund. The cooperation between the two parties is the resonance of strength to implement high-quality projects from planning, design to construction with the goal of creating real estate projects with the best quality and living environment”, said Mr. Thanh.

TTC Land currently owns 27 projects that have been handed over and has been serving over 105,000 customers. Company's total assets value more than VND 11,000 billion, with over 1,500 hectares of land fund, over 600 employees and an investment area expanding to many provinces and cities across Vietnam.

In the past 6 months, TTC Land has implemented many strong corporate restructuring activities following the set plan. Financial restructuring as well as proactive access to global capital is one of the important goals the company will continue to pursue in the near future.

In the direction of a comprehensive transformation strategy, with the business philosophy of "customer-oriented, customer-centric", TTC Land wishes to become one of the best real estate developers with outstanding products. The cooperation with Lotte E&C is an opportunity for TTC Land to access good capital as well as advanced real estate development techniques, which will help TTC Land quickly actualize its business philosophy.

Trong Vu (tuoitrethudo.com.vn)