Gamuda unit acquires Vietnam land for project

PETALING JAYA: Gamuda Bhd’s Vietnam sub-subsidiary Gamuda Land HCMC Joint Stock Company has acquired residential land in Binh Duong New City for US$53.88mil (RM228.5mil) as the site for a mixed-development project.

It said in a statement that the plot of land measured 5.6ha and was part of a 2,600-acre integrated township set to be the administrative centre of Vietnam’s affluent Binh Duong province.

The acquisition of the land is expected to be completed by the third quarter of 2022.

According to Gamuda, the project development on the land will be market-driven, catering for the township’s growing residential and commercial demographics with a mix of townhouses and shophouses giving homeowners the flexibility to conduct business on-premise. The project will have a gross development value of US$117mil (RM487.5mil).

Gamuda said it remains committed to increasing its presence in the Vietnamese market, which presents an attractive proposition to international developers thanks to strong fundamentals.

“The Binh Duong Acquisition is in line with Gamuda emphasis on international projects in its portfolio, which accounted for two-thirds of its property sales in FY21.

“This strategy has seen the group through the challenging economic outlook of recent quarters, providing stable lines of revenue amid weaker sentiment and currency fluctuations in the domestic market,” it added.

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