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Wednesday, November 4, 2009

BLand gets approval for RM21.8 billion property project in Vietnam

KUALA LUMPUR: BERJAYA LAND BHD (BLand) today told Bursa Malaysia it has received the investment certificate from the licensing authority in Vietnam for its Nhon Trach New City Centre Project, which is to be managed by Berjaya Nhon Trach New City Centre (Berjaya NTNC Ltd).

Berjaya NTNC is a newly incorporated and wholly-owned subsidiary of Berjaya Leisure (Cayman) Ltd in Vietnam. The later is a wholly owned industry of BLand.

According to BLand, the NTNC Project is located on a 1,482-acre tract at Nhon Trach District in Dong Nai Province, Vietnam.

The total estimated gross development value (GDV) of the project is RM21.8 billion while the estimated investment cost is RM17 billion.

Development works on the project is expected to commence in 2012 and is slated for completion in stages from 2015 to 2030.

The project is due to be developed in stages into an integrated township comprising administration, healthcare, educational, cultural and art centres, mixed residential and commercial projects such as apartments, apartments with commercial shops, villas and semi-detached houses.

By The EDGE Malaysia (by Melody Song)

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