Lotte Eco Smart City Breaks Ground Oct 23: Thu Thiem Enters a New Pricing Cycle

After nearly a decade of legal and financial gridlock, Lotte Eco Smart City Thu Thiem finally has a confirmed groundbreaking date: October 23, 2026 — just hours away as this goes live. This is more than a ceremonial first dig. It is the missing piece that completes a much bigger picture: Sun Group, Masterise and Dai Quang Minh are all racing to accelerate disbursement across Thu Thiem in the fourth quarter of 2026. For anyone who has tracked Ho Chi Minh City’s luxury apartment market closely over the years, this is the moment to step back and work out which nearby projects actually stand to benefit.

From a nine-year freeze to an official start date

Lotte was selected as investor for Plot 2A in the New Thu Thiem Urban Area back in 2017 and completed site clearance in September 2022, but the project then stalled for years over unresolved financial obligations. In September 2025, Lotte Properties HCMC even filed paperwork to terminate the project, rattling investors who had been waiting years for progress. After talks with city leadership, Lotte returned to the table and signed an investment cooperation agreement with listed developer Phat Dat (PDR) in June 2026. On July 31, 2026, Lotte Properties HCMC completed payment of over VND 17,569 billion in land-use fees — against a land price of roughly VND 16,190 billion approved by the HCMC People’s Committee back in June 2025. That single payment unlocked the remaining legal steps and led directly to the October 23 groundbreaking. On-the-ground photos from mid-October, covered in our recent look at the site ahead of groundbreaking, already showed fencing, renderings and construction equipment in place.

Inside the VND 60,000 billion structure: who builds what on 7.54 hectares of prime land

Lotte Eco Smart City sits across six plots (2-1 through 2-6) within Functional Zone 2A, covering about 7.54 hectares with total investment of roughly VND 60,000 billion. Under the agreement, Phat Dat holds a 35% stake in Lotte Properties HCMC, valued at over VND 7,666 billion, which could rise by about VND 2,726 billion more if the company’s charter capital is increased to VND 12,000 billion to preserve that ownership ratio. Plots 2-1 and 2-3 — a commercial-service block spanning more than 171,000 square meters of floor area — are being developed entirely by Phat Dat and are the first to break ground on October 23. Phat Dat is also co-developing the residential component on plots 2-2, 2-4 and 2-6. Construction is planned to run 36 months, from October 23, 2026 to October 23, 2029. Once complete, the complex will combine Grade-A offices, a shopping and services center, hospitality space and public areas right at the core of Thu Thiem, just minutes from Thu Thiem Bridge 2 and downtown District 1.

Thu Thiem is moving in sync: Sun Group, infrastructure and legal clarity all advancing together

Lotte Eco Smart City is not breaking ground in isolation. At an October 17, 2026 meeting with HCMC People’s Committee Chairman Nguyen Van Duoc, Sun Group reported that its VND 145,000 billion Rach Chiec National Sports Complex is focused on completing site clearance, with VND 20,000-25,000 billion in disbursement expected in 2027, while its roughly VND 29,000 billion HCMC Administrative Center project in Thu Thiem is targeting about VND 4,000 billion in Q4 disbursement if the contract is finalized this month. Masterise and Dai Quang Minh also updated the city on projects tied to the Ben Thanh-Thu Thiem metro line and the Thu Thiem-Long Thanh expressway. Three major developers pushing hard on execution within the same quarter signals that Thu Thiem is shifting from a planning narrative to large-scale, concrete construction — not a single standalone project.

What it means for the luxury apartment market: who actually benefits

Market-wise, a confirmed groundbreaking for a VND 60,000 billion project at the heart of Thu Thiem typically triggers a clear sentiment spillover. Recent data already shows Thu Thiem apartment prices have doubled compared with a few years ago, with some penthouses listed near VND 500 billion. Once legal groundwork and construction timelines for mega-projects are confirmed with an actual start date, buyer psychology tends to shift from “wait and see” to “lock in now” — especially for projects that are already titled, handed over, or close to completion right next to Plot 2A, such as Empire City, The Metropole Thu Thiem, Zeit River, The River or The Opera Residence. Further out toward Rach Chiec, projects such as The Prive, Palm City and Eaton Park are also expected to benefit indirectly once Sun Group completes the site handover for its sports complex, bringing more coordinated transport infrastructure and amenities to the wider area.

Of course, buyers should also factor in that a 36-month construction period means years of active construction, dust and noise nearby — a real consideration for anyone planning to move in immediately. But over the medium and long term, a Thu Thiem with a full administrative center, a national sports complex, Grade-A office and retail towers, and a connected metro network is set to re-rate the entire surrounding segment of apartments, townhouses and luxury villas — exactly what many investors have been positioning for over the past several years.

If you are considering an investment or a home in Thu Thiem, Rach Chiec, Thao Dien or District 1 — from Empire City, The Metropole, Zeit River and The River to The Prive, Palm City, Eaton Park, The Marq and Grand Marina Saigon — reach out directly for a detailed consultation on pricing, legal status and return potential in line with the area’s latest infrastructure progress.

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Sources:

• vnexpress.net
• cafef.vn
• dantri.com.vn
• tuoitre.vn
• cafef.vn