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.
Tags:
Tags:
For Koen Soenens, Sales and Marketing Director at DEEP C, empathy is a compass that guides major deals, the way a leader builds a team, and the ambition to create a sustainable industrial zone that carries a Vietnamese identity.
Taseco Land has shifted its listing to HOSE and introduced a new upward-pointing arrow logo - a visual statement of its strategy to raise capital, expand its land bank, and strengthen its standing in Vietnam’s real estate sector
Located in the heart of Ho Chi Minh City, SAP Labs Vietnam is the second SAP Labs Network hub in Southeast Asia, following Singapore and is one of 20 countries that have SAP Labs globally.
Solar & Storage Live Vietnam event has been running since 2017 and the 2025 edition will be the biggest yet.
A new partnership between EY and the Vietnam-Singapore Board Forum (VSBF) is set to strengthen ESG capabilities for Vietnamese businesses, helping shape more sustainable business models.
With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.
