Gamuda’s second Vietnam foray
Posted on | April 24, 2007 | No Comments
By THE STAR
HO CHI MINH: Gamuda Land Sdn Bhd expects its mixed development project here to take off in the third quarter.
Managing director Chow Chee Wah said the company had partnered a local company in the city at the start of the year.
“We are already committed at the start of the year and are looking to begin the development in the third quarter,” he told StarBiz at the sidelines of the Vietnam Economic Forum yesterday.
There was no specific investment figure for the venture in Ho Chi Minh City, he said, adding that “there is no limitation for the company”.
He said the project would include residential components and offices.
Chow said the Vietnamese market had huge growth potential, with ample opportunities in the property sector, supported by the pro-business government and environment.
It is understood that the company’s venture into Ho Chi Minh City involves the development of 20 to 30 villas, and that the local partner would bear 50% of the construction costs.
Earlier this year, Gamuda had announced its first foray into Vietnam with a US$1bil project in Hanoi, involving the development of a convention centre, office towers, hotels and luxury properties.
Gamuda will partner Vietnamese state-owned Mechanical Engineering Services LLC to develop the 327ha Yenso Park project.
On an unrelated matter, it is understood that Berjaya Group will undertake a US$700mil property project involving hotels, residential and commercial development in Ho Chi Minh City next year.
It is believed that the group will develop a financial district similar to the Phu My Hung New Urban Centre in District 7 in the city.
Currently, Berjaya Group is doing a feasibility study and construction is expected to commence next year.
Meanwhile, UEM Group international business assistant manager Nik Tasha Nik Kamaruddin said the group was active in Vietnam and would be keen to explore opportunities in Ho Chi Minh City.
She said UEM already had projects in Hanoi and a representative office under Pharmaniaga Bhd in Ho Chi Minh City.
“We are looking at all aspects of doing business as Vietnam is developing in every field. It is a matter of prioritising the business and focusing on one sector,” she added.
Earlier, the Vietnam: Modernisation and Regional Integration forum attracted more than 500 local and foreign participants.
The two-day event is being organised by The Asia News Network, Vietnam’s Planning and Investment Ministry and Vietnam News.
Malaysian companies taking part include Ireka Development Management Sdn Bhd, DIG Asia Sdn Bhd, Wah Seong Corp Bhd and Kenanga Investment Bank Bhd.
Share
Comments
Leave a Reply
