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Tuesday, February 26, 2008

Berjaya Land to build financial centre in Vietnam

An artist’s impression of the proposed Vietnam Financial Centre in Ho Chi Minh City.

BERJAYA Land Bhd will start work on the multi-billion-ringgit Vietnam Financial Centre project in Ho Chi Minh City, Vietnam, later this year, after receiving the go-ahead from the licensing authorities there.

The company said in a statement yesterday that the project, to be undertaken by its wholly-owned subsidiary, Berjaya Leisure (Cayman) Ltd, is scheduled for completion in stages from 2010 to 2013.

ABOVE: Ho Chi Minh City People’s Committee chairman Le Hoang Quan (right) presents the investment certificate to Berjaya Land CEO Datuk Francis Ng. Looking on is the Malaysian ambassador to Vietnam Lim Kim Eng.

The company received the investment certificate from the licensing authority in Vietnam on Saturday.

The project located at Ba Thang Hai Street, District 10, will comprise three blocks of 48- storey grade “A” offi ce tower, a multi-storey high-end shopping mall, one tower of 48-storey five-star international hotel with ballroom and convention facilities and one tower of 48- storey luxury service suites.

Based on the latest development plans, the project will have an estimated total gross floor area of about 698,554 square metres with an estimated gross development value and costs of about US$1.3 billion (RM4.2 billion) and US$930 million (about RM3 billion) respectively.

The estimated total gross development site is 102,703 sq m, of which about 66,388 sq m will be developed.

The Vietnam National Pagoda, Hoa Binh Theatre, Youth Culture Centre and the proposed development of the Ky Hoa Hotel (to be undertaken by a third party) are located on the remaining development site measuring approximately 36,315 sq m.

BLCayman will also be overseeing the landscaping of the site, the statement added.

By theSun

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