Gamuda Berhad has announced that its property arm, Gamuda Land is to acquire 100% equity interest in Tam Luc Real Estate Corporation for RM1.47 billion which solely owns a Vietnam project that is a shovel-ready mixed-use high-rise project site with all requisite planning approvals obtained that is ready for immediate development.

The Project Land is located in Thu Duc City, a newly-formed secondary city within Greater Ho Chi Minh City. In respect to Ho Chi Minh City, the site is just 6.5 kilometres from the existing Central Business District, with direct access to Hanoi Highway and An Phu Intersection, the gateway to North-south Expressway that connects Ho Chi Minh City and Hanoi.

The 9.1-acre freehold tenure is for residential purposes and 50 years leasehold for commercial purposes with Land-Use-Rights Certificate obtained. Gamuds said the project is strategically situated in Thu Duc City which has been gazetted as the Innovation Hub of Ho Chi Minh City. This project will enable Gamuda Land to continue its strong trajectory of profitable growth in Vietnam.

The Construction permit has been approved for the following products: 1,968 exclusive apartments, 12 penthouses, 51 podium shops, and 21 shophouses.

The Proposed Acquisition it said was part of the Land’s Quick-Turnaround-Projects (“QTP”) strategy, which focuses on generating a continuous pipeline of high-Internal Rate of Return assets with investment horizons of 5 years or less, which complements Gamuda Land’s core strength in township developments. Gamuda Land anticipates that the limited supply in the surrounding area, combined with enhanced design concepts, will contribute to further improvement in returns.