The project involves building 502 apartments in Alam Sutera near Jakarta was signed at Signiel Hotel in Lotte World Tower with visiting Indonesian officials
President Ha Sok-joo of Lotte Engineering and Construction and key executives raise their arms with the officials of the VIP Group after signing an agreement for Lotte E&C to invest in the Saumata Premier Project, a housing construction prject in Indonesia, and undertake the project on May 2 at Signiel Hotel in the Lotte World Tower in Seoul. (Photo: Lotte E&C)
Lotte Engineering & Construction (Lotte E&C) signed an agreement for a joint investment with Vasanta Indo Properti (VIP) in Indonesia to launch joint housing development projects. Lotte E&C announced on May 3 that the signing ceremony for the Partnership Declaration for Saumata Premier Project in Indonesia took place on May 2 at the Signiel Hotel located in the Lotte World Tower in Jamsil.
The purpose of the agreement is to develop two apartment buildings in the commercial zone of Alam Sutera, a new town located to the west of Jakarta. The B1 to 39F buildings are scheduled to house 502 households.
The construction is scheduled to start in March 2019 and be completed in November 2021. Lotte E&C is estimating the total sales of the project at $100 million.
Lotte E&C has been exploring countries in southeast Asia for large construction projects, including housing and infrastructural projects, and the Saumata housing project signed with the Vasanta Indo Properti in Indonesia will be a stepping stone for Lotte E&C’s further advancement into the region.
The Korean builder will take on such construction sectors as housing, commercial complexes, the projects for the development of the transportation terminals, among others. Lotte E&C officials said we have been working hard under the slogan “the Year for Solidifying the Foundation for Global Lotte,” to build a foundation for its overseas advancement, which is showing very good results.
“We will show off our capability in Indonesia by preparing well for the projects we will have to carry out as we continue to strengthen our capacity to undertake various projects overseas,” the company said.
Regardless of the worsening economic situation in and out of the country since 2012, Lotte Group realized consistent growth in each business sector. Specifically, the overseas business grew enough to earn 10 trillion won of profit based on the secured new markets and joint promotion with affiliates.
Although the emergency management system was instituted at the first half of the previous year as a way to preemptively cope with the unstable economic situation, an investment to secure the new growth engine was actively promoted. As a consequence, it was possible to reach the ‘”Hi-mart.
Recovery of the world economy is under a cloud of pessimism. However, Lotte plans to exert efforts to break through the low-growth while searching for new opportunities. Also, strengthening the core competence as well as the investment for the discovery of the new growth engine will continue by thoroughly observing the changing economic condition in and out of the country. Moreover, Lotte plans to go a step closer toward the realization of the vision of “2018 Asia Top 10” by consistently reinforcing the overseas business and promoting the value of Lotte as a global brand.
Lotte Engineering & Construction plans to reinforce the competence for high value-added business and actively promote business expansion in overseas countries to realize continuous growth in 2013.
The investment on a plant business is considered to be the new growth engine of the business and will be continuously expanded while taking the initiatives to develop new markets by actively promoting the private power generation business in Africa.
Also, the construction of Lotte World Tower that aims to be completed by 2015 will be pursued as planned and based on the technology for high-tech high-rise construction through this construction project, it will exert utmost efforts to take the pioneering role in the high-rise construction market in and out of the country.