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Thursday, January 3, 2008

Official nod for Gamuda to develop Vietnam project

Gamuda Bhd has received an investment certificate that officially allows it to develop Vietnam's Yen So Park project, worth almost RM10 billion.

Its wholly-owned unit Gamuda Land Vietnam LLC was awarded the certificate from the Hanoi City People's Committee (HPC).

Gamuda will design and build a RM1.5 billion sewerage treatment plant, which will be the biggest in Vietnam.

The plant will cater to half of Hanoi's sewage needs. It will also develop Vietnam's largest public park. The plant and the park is due to be ready in 2010.

"Gamuda will also be developing a new urban centre and residential townships at the location, which are expected to generate a gross development value of RM8 billion over the next eight to 10 years," the company said in the statement.

According to Gamuda, construction works on the project has started after the ground-breaking ceremony held last month.

"The project is expected to start contributing strongly to the Gamuda group's earnings beginning from the financial year ending July 31 2008," the company said.

By New Straits Times

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