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Saturday, October 1, 2011

UOA partners Vietnam firm to develop Sri Petaling project

KUALA LUMPUR: UOA Development Bhd plans to partner one of Vietnam's leading construction company Hoa Binh Construction to develop a residential area in Sri Petaling.

In a statement, UOA said it has signed a memorandum of understanding (MOU) with Hoa Binh Construction and Real Estate Corp for this project.

Both parties have identified the area and it is the up and coming Sri Petaling area. They plan to develop 670 units of condominiums with an estimated gross development value of RM400 million.

The MOU was signed yesterday by Le Viet Hai, chairman and chief executive of Hoa Binh Corp and Kong Chong Soon, managing director of UOA, in the presence of Truong Tan Sang the president of the Socialist Republic of Vietnam during his visit to Kuala Lumpur, recently.

"The MOU plans to explore a synergy of construction capabilities for projects in Malaysia, Vietnam and the region.

UOA is confident that the strategic construction collaboration with Hoa Binh Corp will complement UOA's existing construction arm in its developments."

Under the MOU, both companies will, among others, collaborate and exchange construction knowledge and expertise.

Work for the Sri Petaling project is due to start in the fourth quarter of 2011 and the project is slated for completion towards the end of 2013.

By Business Times