BLand to build RM12b Vietnam varsity town
Posted on | August 3, 2007
PROPERTY developer Berjaya Land Bhd (BLand) plans to build a US$3.5 billion (RM12 billion) university township in Ho Chi Minh City, Vietnam’s first such project.
The company on Wednesday signed a memorandum of agreement (MOA) with the Management Board of the Northwest Metropolitan Area of Ho Chi Minh City. A definitive agreement will be signed once details are finalised.
“The township will cover an area of about 1,000ha, and construction will take between eight and 10 years,” BLand chief executive officer Datuk Francis Ng Sooi Lin told Business Times when contacted yesterday.
He said the project will include a town centre with offices, commercial blocks, hotels and convention facilities.
“The masterplan also comprises civic and administrative zones, an education corridor, residential precincts, a river port, cruise centre, recreation parks, open spaces and sporting venues,” Ng said.
BLand is expected to present a blueprint on the proposed development to the Vietnamese authorities within the next 12 months.
The blueprint, he said, will provide design guidelines for future development decisions, and serve as a larger frame of reference for precinct plans and other planning goals and initiatives.
According to Vietnamese news reports, Chairman of the Ho Chi Minh City People’s Committee Le Hoang Quan said the project will contribute towards high-level human resource development currently in dire need in the city.
“The country’s accession to the World Trade Organisation requires Vietnam to accelerate strengthening of education in developing human resources required for greater integration in the global economy,” Ng added.
Meanwhile, he said work has already started on BLand’s earlier project in Vietnam, a US$350 million (RM1.2 billion) residential and commercial project in Hanoi.
The mixed development project will comprise apartments, bungalows, serviced apartments, commercial centre and schools. It is being undertaken by joint venture company Berjaya-Handico 12 Co Ltd, in which Berjaya has an 80 per cent stake.
The project will take about five years to complete. Phase I comprises two tower blocks of apartments with 148 units and a total saleable area of about 16,989 square metres.
In February, the group said Berjaya-Handico will be applying for land south of the present site for future expansion.
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