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Gamuda Land acquires new project in Thu Duc city
Malaysian property developer Gamuda Land has acquired a local company to develop a high-rise apartment building in Thu Duc of Ho Chi Minh City.
The site, covering approximately three hectares, will consist of 1,300 apartment units. The total gross development value of the project is estimated to be over $250 million.
Located in a prime location adjacent to Saigon Hi-Tech Park, the site is surrounded by a wide range of existing infrastructure such as the Hanoi Highway and National Road No. A1, as well as the under-construction Ring Road 3 and Metro line 1.
This marks the second acquisition by Gamuda Land within a year, in addition to two other ongoing projects – Celadon City in Ho Chi Minh City and Gamuda City in Hanoi.
According to Angus Liew, chairman of Gamuda Land Vietnam, the acquisition is part of Gamuda Land’s continued expansion plan in Vietnam.
“Since entering the market in 2007, we have established a strong presence in Vietnam and are committed to further developments for our Vietnamese community. We see plenty of opportunities in Vietnam where economic prospects are good with steady flow of investment and job creation, which naturally enhances the population’s disposable income. Continuous expansion in Vietnam is an important strategic move for the group to achieve the annual sales of $2 billion per year of our five-year expansion plan,” Liew said.
The Malaysia property developer has previously announced its intention to scale up its business in Vietnam. Gamuda Berhad, its holding corporation, is actively exploring opportunities in Vietnam across mergers and acquisitions, transfers, and bidding. The plan is to rapidly expand its larger portfolio and to diversify products such as high-rise complex projects as well as retail and commercial housing in promising areas adjacent to Ho Chi Minh City.
In the upcoming time, Gamuda Land will be launching its latest project in Binh Duong New City. Given the name Artisan Park, the development is strategically located right next to the new administrative centre of Binh Duong province.
Artisan Park is planned to be a commercial-landed housing project, created to become a dynamic shopping and meeting hub. The project aims to bring the feel of “a summer fair all year long” to its residents. Gamuda Land also envisions the development to be a hotspot for the local real estate market upon completion.
Meanwhile, the company has been increasing its efforts in line with environmental, social, and governance (ESG) principles. This includes incorporating a biophilic design concept for its development so that people and nature can come together harmoniously. Key to this is the ability to harness natural lighting and ventilation into the development, as well as having a healthy green ratio that encourages people to spend time in nature with family and friends.
In pursuing sustainability, Gamuda Land is committed to the Gamuda Green Plan, which establishes a comprehensive framework and charts tangible targets driven on ESG dimensions set forth over the next five years, with an extended view to 2030 and beyond. The plan commits the group to circular construction with specific steps to reduce direct and indirect corporate greenhouse gasses emission intensity by 30 per cent in 2025 and 45 per cent in 2030.
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