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Saturday, October 1, 2011

UOA, Vietnam firm in property tie-up

KUALA LUMPUR: UOA Development Bhd and Vietnam-based Hoa Binh Construction and Real Estate Corp will jointly develop the Sri Petaling residential project.

The project would comprise 670 condominium units and would have a gross development value of RM400mil, UOA said in a statement.

It said work on the project was scheduled to commence in the fourth quarter for completion by end-2013.

Both companies signed a memorandum of understanding (MoU) yesterday.

As part of the MoU, a commitment was made by UOA and Hoa Binh to explore a synergy of construction capabilities for projects in Malaysia, Vietnam and other parts of the region.

UOA said it was confident that the strategic collaboration with Hoa Binh would complement its existing construction activities.

By Bernama