BLand plans mixed development in Hanoi

HANOI: Berjaya Corp Bhd (BCorp) unit Berjaya Land Bhd (BLand) is planning a mixed residential, commercial and industrial development with open landscape and water features on about 1,000 acres in Sai Dong A, Long Bien.

BCorp chairman and chief executive officer Tan Sri Vincent Tan said the group was excited to be given the opportunity to develop the huge parcel of land was just 8km from Hanoi.

“The group’s Thach Ban New City project, which is just 4km away, has received good response and we are confident of achieving similar success with this new project,” he said after signing the memorandum of understanding with Hanoi Electronics Corp general director Nguyen Quoc Binh.

The RM8.4bil development over 10 to 12 years would be implemented via a 70:30 joint venture company between BLand and Hanoi Electronics.

“We hope to get the investment licence within four months to start works on the project,” Tan said.

Tan said he was in talks with another party for a similar sized development project and would likely make an announcement by month-end.

He is also looking to replicate his corporate strategy of diversification in Vietnam.

“We have just concluded an agreement with Starbucks. We will be a 50% joint venture partner with Starbucks in Vietnam ,” he said.

Tan added that the group would be able to decide by April whether to invest in the monorail project in Ho Chi Minh City.

“It is a risky project but we would be keen to invest if returns on investment are reasonable,” he said.

Tan expressed confidence that the group’s overseas earnings contribution would be substantial within three years.

By The Star (by Laalitha Hunt)