BLand to undertake study on Vietnam’s property project

KUALA LUMPUR: Berjaya Land Bhd (BLand) will be undertaking a feasibility study on a proposed mixed residential, commercial, financial and administrative centre development, Nhon Trach New City project, on a 600ha piece of land in Dong Nai Province, Vietnam.

Announcing the proposal yesterday, BLand said it had signed a memorandum of understanding (MoU) with the People’s Committee of the province for the proposed development at Nhon Trach New City.

It said in a statement that 250ha of the land would be for administration, healthcare, educational, cultural and art and financial centres, and the rest for residential and commercial projects such as apartments, commercial shops, villas and semi-detached houses.

The project is located in the heart of Nhon Trach City, Dong Nai province, which is 30km from Ho Chi Minh City and about 40km from Bien Hoa city, two major cities in southern Vietnam.

A bridge connecting Dong Nai and Ho Chi Minh City will be built, and this will reduce the travelling distance between the two places to about 20km. The project is also near Tan Son Nhat International Airport and the new International Airport of Long Thanh.

“Berjaya is delighted to be given the opportunity to undertake the feasibility study and participate in the proposed development of the Nhon Trach New City Project. It is indeed an honour to be part of the development of this new city township, which is expected to cater to about one million residents,” said BLand’s chief executive officer Datuk Francis Ng.

“It reflects the Vietnamese government’s confidence in our group’s property development expertise and track record. We intend to be a major property investor and developer in Vietnam and we look forward to participating in and contributing to the growth of the Vietnamese economy,” he said.

BLand said the MoU was in line with its current objectives of expanding its business activities in Vietnam, which was one of Asia’s fastest-growing economies and the focus of multinational enterprises seeking to capitalise on the country’s booming economic potential and investment opportunities.

It said the total estimated development cost for the project would be determined upon completion of the feasibility study, and it would be financed by internal funds and/or borrowings.

By The EDGE MALAYSIA (by Yantoultra Ngui Yichen)