Gamuda’s property arm Gamuda Land has entered into an agreement to acquire a 3.7-hectare site in Thu Duc City in Ho Chi Minh City for approximately $316 million.
In a filing to Bursa Malaysia on July 20, the company said this mixed-use development site has a projected gross development value of $1.1 billion.
The company plans to develop 1,968 apartments, 12 penthouses, 51 podium shops, and 21 shophouse units across six towers of up to 40 levels, all fully developed and sold within five years.
The company said prime land bank sites in Ho Chi Minh City are very limited, especially in central districts where local authorities have imposed restrictions on high-rise residential development for the 2021-2030 period. There has been a steady decrease in primary supply between the year 2018 and 2022, which results in pent-up demand.
The proposed acquisition presents a rare opportunity for Gamuda Land to access these prime sites and provide a unique sales proposition to potential buyers with significantly de-risked legal and planning approvals.
The target positioning for the proposed development would be in the high-end category which is defined by Savills as properties with a selling price of $4,000-7,000 per square meter. New properties within this category have recorded stable absorption rates of over 75 per cent across the past 5 years.
The company also anticipates that there will be no foreseeable comparable high-end supply to the proposed acquisition in the market upon its initial launch. Majority of the supply is expected to be located within the neighbouring Thu Thiem and dominated by the upper high-end segment priced upwards of $7,000 per square metre.
This investment is part of its quick turnaround projects strategy, which aims to complement its township development model by deploying capital in diversified projects with an exit time frame of 3-5 years.
Since 2007, Gamuda has established a strong presence and brand name in Vietnam with a proven track record of successful projects.
Gamuda Land has four projects in Vietnam, namely Gamuda City in Hanoi, Celadon City and Elysian in Ho Chi Minh City, and Artisan Park in Binh Duong, outside of Ho Chi Minh City.
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