Lotte Eco Smart City Thu Thiem Breaks Ground Oct 23, 2026: What's Built First, When Are Apartments Selling, and What Should Buyers Know?

Today, October 23, 2026, Lotte Eco Smart City Thu Thiem officially breaks ground according to the schedule announced by Lotte and Phat Dat. The project is located in Functional Area 2A, the core of Thu Thiem New Urban Area, now belonging to An Khanh Ward, HCMC.

This is the land plot contracted in 2017 with a groundbreaking ceremony held in 2022. In 2025, the developer even submitted a request to pause the project. Nearly 10 years later, heavy machinery is finally operating on the site.

There is good news. But I'll be straightforward from the start: the items breaking ground today are the two commercial-service blocks, not the residential apartments. As of writing, the project has not been launched for sale and there is no official price list.

This article is tailored for expats and investors looking to buy, rent, or invest in Thu Thiem. I clearly separate official information, press reports, and Achieve Realty VN's personal market insights. Please evaluate accordingly.

Which components of Lotte Eco Smart City Thu Thiem break ground on October 23, 2026?

The project is divided into 6 lots, denoted 2-1 to 2-6. Each lot has its own function and developer:

• Lots 2-1 and 2-3: Commercial - service blocks. Phat Dat develops these entirely, and this is what's breaking ground today.
• Lots 2-2, 2-4, and 2-6: Residential components. Phat Dat co-develops these with Lotte. The groundbreaking timeline for these lots has not been announced.
• Lot 2-5: The documents I've cross-referenced do not specify its function. I will not guess.

Why start with the commercial blocks? There is no official statement from the developer. Based on my deduction: office and commercial spaces do not require the strict "sales permit for off-plan properties" like residential units. Construction procedures are typically more streamlined. Please treat this as a personal assessment, not official news.

36 months is the planned timeline. For a project with multiple basements in the core of Thu Thiem, delays of a few quarters are standard market practice. I will update on the actual site progress as it happens.

Where is Lotte Eco Smart City located? Which ward does the new address belong to?

This is a detail many websites get wrong. The correct current address only has two levels: An Khanh Ward – HCMC. Empire City, The Metropole, Zeit River, and The River are also located in An Khanh Ward.

Specific location of the land plot:

• Adjacent to the central plaza and central lake of Thu Thiem. This is the main public axis of the peninsula.
• Near the entrance/exit of the Thu Thiem Tunnel. From here, getting to the old District 1 just requires driving through the tunnel.
• Near Ba Son Bridge, connecting directly to the Ton Duc Thang area.
• Facing Empire City, as described by many news outlets. Meaning it shares the core cluster with the Linden, Tilia, and Narra towers.

To help you visualize: if Empire City is the front-row seat looking across to District 1, Lotte Eco Smart City is sitting right behind the main stage, next to the plaza. This location trades a direct river view for extreme centrality. Which is more valuable depends on whether you are buying to live or for investment yields.

What is the scale of Lotte Eco Smart City, and what does it include?

The most notable figure is the capital: from 20,100 billion in 2017 up to about 60,000 billion in 2026, roughly a 3-fold increase. Most of this difference comes from the land use fee, which alone accounts for 17,569 billion VND.

The higher the land cost, the harder it is for the selling price to be cheap. This is a general market logic, not my specific price forecast.

Who is the developer of Lotte Eco Smart City Thu Thiem?

Key milestones of the partnership:

• June 26, 2026: Lotte and Phat Dat signed the investment cooperation agreement.
• July 3, 2026: Phat Dat officially acquired 35% of the charter capital of Lotte Properties HCMC under Decision 4102/QĐ-UBND of the HCMC People's Committee.
• Roles: Phat Dat develops the entire commercial blocks 2-1 and 2-3, and co-develops the residential blocks 2-2, 2-4, and 2-6.

Regarding the amount Phat Dat spent to acquire the 35% stake, newspapers have reported varying figures. I haven't found the original document to cross-check, so I won't include any numbers here.

A realistic perspective: Lotte has experience operating commercial properties and hotels; the Lotte Mart chain and Lotte Hotels have been in Vietnam for years. Phat Dat is a local enterprise, familiar with procedures, having just undergone a restructuring phase and selling off other projects to focus resources on Thu Thiem. This combination looks reasonable on paper. The actual effectiveness must be measured by the site progress over the next 12–24 months.

Why did Lotte Eco Smart City take nearly 10 years to break ground?

In Thu Thiem, a "groundbreaking ceremony" and "actual construction commencement" are two different things. The 2022 event was ceremonial: there was a stage and photos, but not enough permits to build. This time is different due to a decisive factor: the land fee is fully paid. With no pending financial obligations, the likelihood of the project stalling again is significantly lower than in 2022.

Lower doesn't mean zero. The project still needs building permits for each item, capital for each phase, and real construction progress. This 10-year history is why I advise expats and investors to look at the actual construction site, not just the 3D renderings.

Has Lotte Eco Smart City launched its apartments yet? What is the price?

Following today's groundbreaking news, I anticipate many rumors about "taking bookings," "free reservations," or "F0 prices from...". You need to grasp three things:

1. Apartments can only be sold when legal conditions are met. Under the 2023 Real Estate Business Law, off-plan housing must meet specific conditions to be put on the market and be verified by the Department of Construction. The developer can only accept a maximum 5% deposit once those conditions are met. There are proposals to amend this rule, so please check the current regulations at the time of your transaction.
2. The project has no price yet, so any numbers being advertised are pure guesses. Even any numbers I might provide would be guesses. I will not guess.
3. If you need a reference for the core area's pricing, look at the completed projects nearby. According to Achieve Realty VN's tracking basket (reference, May 2026):
   • Empire City on the secondary market ranges from 150–350 million VND/sq.m depending on the tower and view.
   • The Opusk Tower (Metropole) is asking around 235–450 million VND/sq.m.

These are prices of other projects that are already built or nearing handover. This is not a price forecast for Lotte.

An additional note: the project is heavily oriented towards Grade A offices and hotels. Apartments here will likely share the dense, fast-paced urban rhythm of a commercial-office hub. Those who prefer a quiet, riverside resort lifestyle should consider carefully once the detailed designs are available.

How does Lotte Eco Smart City's groundbreaking impact Thu Thiem condo prices?

I divide the impact into three layers for easier understanding:

• Layer 1 – Sentiment (Right now): Every empty plot in the Thu Thiem core that gets filled reduces buyers' worries that "Thu Thiem is still too empty." Lotte is one of the largest remaining plots in the core, so this signal carries weight. But sentiment doesn't pay rent. I don't advise anyone to buy solely because of a groundbreaking ceremony.
• Layer 2 – Rental Demand (2029 onwards): Over 152,000 sq.m of office space and 34,000 sq.m of hotel space, if fully occupied, will draw more workers to Thu Thiem. A portion of these will be expats needing to rent apartments near their workplace. This is a sound long-term thesis, but it depends on office occupancy rates. So far, no one can measure that rate.
• Layer 3 – The Cost to Pay (2026–2029): A project with multiple basements means excavation, dump trucks, and heavy machinery noise. Units in Empire City or towers facing directly towards Area 2A will be the most affected. Lotte is not the only construction site: HCMC is also planning to auction more land lots in Thu Thiem.

For genuine tenants, especially families with young children, you should carefully ask about the unit's orientation and wind direction before signing a lease. In summary, Lotte breaking ground is good news for Thu Thiem's long-term picture. But it won't turn your apartment into cash tomorrow.

Infrastructure around Lotte Eco Smart City: What's ready, what's on paper?

Here is the breakdown:

✅ Ready for daily use

• Thu Thiem Tunnel: Cross to the Ton Duc Thang – Ham Nghi area without taking a bridge.
• Ba Son Bridge: Connects directly to the Ba Son – Ton Duc Thang area.
• Central plaza, central lake, and the internal road network of the Thu Thiem core.

⏳ On paper or in preparation

• Thu Thiem – Long Thanh Metro: A ~41.8 km line connecting to Long Thanh Airport, currently a proposal. An enterprise has proposed a PPP model and HCMC is reviewing it. No official start date yet.
• Metro stations around Area 2A: Mentioned in project documents. I haven't seen specific construction milestones, so I classify them as "potential."

Why do I separate these so carefully? In Thu Thiem, the word "soon" has stretched for a decade. You should price properties based on what exists today. Future infrastructure should only be considered a bonus; don't pay in advance for it.

What should buyers, renters, and investors do right now?

• If you need a home to live in within the next 1–2 years: Lotte cannot solve this need. Practical options are operational towers like Linden, Tilia, Cove (Empire City), The River, Zeit River, or handed-over phases of The Metropole.
• If you want to rent out for cash flow: The same logic applies. Rental cash flow only starts when you have the keys in hand.
• If you want to own a Lotte Eco Smart City apartment:
  • Follow official announcements from Lotte Properties HCMC and Phat Dat (PDR).
  • Verify the HCMC Department of Construction's document confirming the eligibility to sell off-plan properties.
  • Only sign and transfer money according to a contract bearing the developer's legal entity name.
  • Do not transfer "booking" funds to personal accounts, even if the receiver claims it's an "internal quota."
• If you are a 5–10 year horizon investor: I suggest using the progress of blocks 2-1 and 2-3 as an indicator. If after 12 months the site structure rises above ground on schedule, that's a positive signal for the entire Thu Thiem core.
• 

Risks of Lotte Eco Smart City: Things not to gloss over

1. History of delays: This land plot had a contract, a groundbreaking ceremony, and even a termination request. The foundation is firmer this time because the land fee is paid. But a groundbreaking ceremony is still just day one of 36 months.
2. Residential component lacks a timeline: Construction dates, sales dates, and apartment designs are still unknown. Anyone giving you a firm sales date right now is speaking ahead of the developer.
3. The capital puzzle: 60,000 billion VND is a colossal investment. Phat Dat has MB funding its share, but their overall financial capacity also depends on handling other projects. This is a developer risk, but it will translate into progress risks for buyers if cash flows stumble.
4. Living next to a construction site: Three years of construction in the Thu Thiem core means dust, noise, and heavy vehicles. Those living or about to rent around Area 2A should plan ahead.

Frequently Asked Questions about Lotte Eco Smart City Thu Thiem

Achieve Realty VN's Perspective

For me, the most valuable point today isn't the groundbreaking ceremony. It lies in the 17,569 billion VND paid into the state budget since July. Ceremonies happened in 2022 too. But the land fee being fully settled—this is a first.

Lotte Eco Smart City is good news for the entire Thu Thiem core. A massive empty plot is finally seeing construction. A significant office, retail, and hotel block will form right next to the central plaza.

However, good news for the area is different from a reason to drop your money today. If you need a real place to live or real cash flow, completed projects nearby remain the tangible choices. If you want an apartment in Lotte, patiently wait for the sales permits. If anyone urges you to transfer money before that day, just ask them one question: "Where is the sales eligibility permit from the Department of Construction?"

Achieve Realty VN will monitor the site and provide updates when official information regarding the residential component becomes available. Trust builds everything, and trust begins by not predicting things that don't exist yet.