GAMUDA LAND SEES PENT-UP DE­MAND FOR PROJECTS

De­vel­oper ex­pects US$400m sales an­nu­ally from fis­cal year 2019

New Straits Times - - Business - SHAREN KAUR HANOI sharen@me­di­aprima.com.my

GAMUDA Land is up­beat its prop­erty projects in Ho Chi Minh City and Hanoi in Viet­nam will gen­er­ate more than US$400 mil­lion (RM1.7 bil­lion) in prop­erty sales a year from fis­cal year 2019 on­wards.

Af­ter fac­ing var­i­ous chal­lenges in Viet­nam in 2013 and 2014, Gamuda Land saw a strong re­bound in prop­erty sales, achiev­ing US$125 mil­lion in 2015 and US$220 mil­lion last year.

The com­pany has two town­ship de­vel­op­ments in Viet­nam — the US$3.5 bil­lion Gamuda City, here, which started in 2007, and the RM5 bil­lion Ce­ladon City in Ho Chi Minh City that com­menced in 2010.

Gamuda Land Viet­nam gen­eral di­rec­tor Chow Chee Fan said there was pent-up de­mand from the lo­cals in Viet­nam for high­rise and landed res­i­den­tial prop­er­ties, look­ing for life­style real es­tate or up­grad­ing.

He said when the com­pany launched a few phases re­cently in Gamuda City, the take-up rate by lo­cals was 100 per cent.

“The ma­jor­ity bought in cash. The price range for most of the prop­er­ties was be­tween US$300,000 and US$1 mil­lion each,” said Chow dur­ing a site visit to Gamuda City yes­ter­day.

Gamuda City, which sits on a sprawl­ing 474ha site, is 6km from Hanoi’s old cen­tral busi­ness dis­trict.

It has sev­eral precincts which in­clude Gamuda Cen­tral, Gamuda Plaza, Gamuda Gar­dens, Gamuda City com­mer­cial hub and Gamuda Lakes.

The high­light of the town­ship de­vel­op­ment is the 323ha Yen So Park, which is com­pleted and open to the pub­lic.

The first phase of Gamuda City is Gamuda Gar­dens, a 73ha in­te­grated life­style project with a gross de­vel­op­ment value of US$850 mil­lion. It has four prod­uct cat­e­gories — apart­ments (2,100 units), landed res­i­dence (over 2,000 units), shop houses (100 units), semi-de­tached homes (200 units) and vil­las (100 units).

Chow was con­fi­dent that Gamuda City will post higher prop­erty sales in fis­cal years 2017 and 2018 to record US$150 mil­lion in each year, gen­er­ated mostly from Gamuda Gar­dens.

He said the real es­tate mar­ket in Viet­nam was mov­ing up­stream, thanks to for­eign direct in­vest­ment from China, South Korea, Singapore, Malaysia and China, which are cre­at­ing jobs by the thou­sands for the lo­cals and rais­ing their house­hold in­comes.

“There are more bil­lion­aires and mil­lion­aires in Viet­nam to­day who can af­ford to buy prop­er­ties in cash. They are look­ing for life­style and Gamuda City of­fers them that,” he said.

Mean­while, Gamuda Land Ho Chi Minh City gen­eral di­rec­tor Wy­eren Yap Vooi Soon said he ex­pects Ce­ladon City to gen­er­ate US$120 mil­lion in sales this year and next year.

Yap said the unique sell­ing point for the 82ha town­ship that was at­tract­ing Viet­namese home­buy­ers and in­vestors was the mas­ter­plan with low den­sity, green en­vi­ron­ment and an in­te­grated town­ship with ameni­ties.

“This is a bou­tique de­vel­op­ment and the mas­ter­piece is the 16ha cen­tral park, which is some­thing new for the Viet­namese mar­ket,” he said.

PIC BY ZAHARI ZAKARIA

Gamuda Land Viet­nam chair­man Cheong Ho Kuan (right) and gen­eral di­rec­tor Chow Chee Fan with a scale model of the Gamuda City project in Hanoi, Viet­nam.

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