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Malaysia Property Firm To Pump $964 mln Into Vietnam Projects

A Malaysian developer has agreed with the Hanoi authorities to invest US$964 million to build a trade complex and a sewage treatment facility in the city.
Under the deal signed Tuesday, Gamuda Land plans to pump $711 million of the sum into developing a 327ha-complex in Hoang Mai and Thanh Tri districts.

The urban complex would be home to high-end hotels, a convention hall, office towers, shopping malls, car parks, villas and apartments for both sale and rent.

Gamuda would also build Yen So Park, which would include an educational-cultural center, a plaza and other international-standard recreation facilities.

The company is finalizing formalities and is expected to begin work on the project in October. Construction completion is slated for 2010.

In a separate project, the Malaysian real estate company is set to invest $253 million in a new water-treatment plant which will have a daily treatment capacity of 195,000 cu.m of sewage.

Construction is set to kick off later this year and to finish in 2010.

Gamuda Group’s property development arm of has a combined gross development value in excess of RM15 billion ($4.4 billion).

Vietnam’s real estate market is promising on the back of the country’s remarkable economic growth, higher living standards, positive consumer trends, rapid urbanization and emerging tourism industry, according to experts.

The saturation in Southeast Asian markets will make Vietnam a lucrative option with rapid urbanization and demand for housing and offices outstripping supply.

There is growing Interest among foreign investors in infrastructure, urban development, housing and resorts.

Another giant Malaysian developer, SP Setia Bhd., announced in June it would form a Vietnamese joint venture this year to build homes in Ho Chi Minh City, targeting one of the region's fastest-growing business hubs.

SP Setia was negotiating with an undisclosed local company to build a township in the city as part of the company's first foreign venture, said Voon Tin Yow, executive director of the company.

Out of Singaporean developers CapitaLand Ltd plans new property project in HCMC while Vita Holdings is in the process to make its first outbound investment in Vietnam’s capital city.

Many real estate groups from the US, Singapore, Thailand and China have invested in the domestic market, calling it one of the most attractive in the region.

Source: VNA

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