Malaysian property developer to proceed in VN

Property developer Mah Sing Group Bhd will proceed with its 1 Malaysian ringgit billion (roughly 300 million USD) planned township project in Vietnam, despite the country's high inflation and slowing economy.

"Vietnam's overheating economy provides opportunities to buy land more cheaply and launch products as other developers shy away," Mah Sing Properties Sdn Bhd chief operating officer Ng Heng Phai told Business Times of Malaysia on September 5.

"We are evaluating the situation. We have identified some land and will cautiously plan the project with our local partner (in Vietnam) to mark our first foray overseas," he said.

Ng Heng Phai was quoted as adding that Mah Sing, which has a sales target of 560 million Malaysian ringgits (over 161 million USD) for this year, is also exploring China and wants to move into Sabah and Sarawak, although it will be busy for the next five years with 14 ongoing projects worth over 3.3 billion Malaysian ringgits in Penang, Johor and the Klang Valley.

VNA

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