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Saturday, February 11, 2012

Established in Malaysia, Gamuda is also a big player in Vietnam

An artist’s impression of Gamuda’s property development project, the Celadon City, in Ho Chi Minh City, Vietnam. It has a gross development value of RM5bil and spans over the next seven years.

With property projects in Malaysia and Vietnam, Gamuda Bhd which was appointed the project delivery partner for the Klang Valley My Rapid Transit project is a formidable property company.

For the first quarter ended Oct 31, 2011, some 50% of its net profit was derived from the property segment. Revenue was up 1.23% to RM642mil, while net profit was up a staggering 49.46% to RM132.32mil.

For the period, the group achieved 29% increase in new sales worth RM450mil. This was driven by its developments in Bandar Botanic, Jade Hills and Horizon Hills. The sales of RM450mil makes up one-third of Gamuda’s RM1.35bil target for its financial year ended July 31, 2012.

In Vietnam, the group saw strong response to Gamuda City’s (Hanoi) soft launch. All 72 residential units, with a sales value of US$33mil (RM99mil) for phase one were fully taken up.

“This was a positive surprise. Sales of Celadon City in Ho Chi Minh are also picking up pace as a total of 98 out of the 250 units were taken up. The increase in interest was probably the result of Japanese retailer AEON setting up shop as the main mall in the development,” says a CIMB analyst in a recent report

Meanwhile, a US$30mil (RM90mil) land sale to AEON should be booked in the third quarter of its financial year. For Gamuda City and Celadon City in Vietnam, Gamuda has a total sales target of RM650mil for FY12.

Gamuda Bhd group managing director Datuk Lin Yun Ling says the Vietnamese market was expected pick up this year, especially since all of its approvals in Hanoi are now in place.

To date, the company has an unbilled order book of RM1.2bil, with the company recording record sales of RM1.32bil for its financial year ended July 31, 2011.

Lin says the Vietnam market is not as bad as people think.

Just some four years ago, Vietnam was seen as the next rising Asian star, with a population of more than 80 million people and a labour force that remained cheap.

Nonetheless, its weakening currency and high inflation have created uncertainty among investors.

Vietnam’s inflation slowed for a fifth month in January. Consumer prices climbed 17.27% from a year earlier, compared with 18.13% for December.

Vietnam’s inflation is the fastest in a basket of 17 Asia-Pacific economies tracked by Bloomberg, stoked partially by credit growth. Last year to Dec 21, credit expanded 11%.

“Actually the market is always there, just that there has been an overlay in the last two to three years with the government’s structural deficit and balance of payment issues. These do not give confidence to the financial markets. But the more important factors like very strong demand and economic growth and foreign direct inflows are all still very bullish. So you have to look at the combined picture,” says Lin.

He added that in Hanoi, its first phase of landed units have been fully taken up, and Gamuda is now targeting to launch its second phase. As for Celadon City, Gamuda will soon be launching two blocks of high rise condos of 400 units each.

Gamuda Land managing director Chow Chee Wah says that there is now an opportunity to strengthen its market presence and expedite construction works in Vietnam.

“The main drivers of demand for quality homes are urbanisation, population growth as well as the increasing incomes. Our township development is planned and targeted at aspiring young Vietnamese families, professionals as well as entrepreneurs ranging from late 20s to mid-40s,” he says.

Besides Gamuda’s operations in Vietnam, Myanmar has also been earmarked for future developments as the country undergoes rapid political change.

Gamuda has set aside US$1.2mil (RM3.6mil) to assess potential business ventures and opportunities in a nation of 60 million people.

Lin says the company has a team of people in Myanmar. Last year Gamuda had approved a US$1.2mil (RM3.6mil) budget for a market study in Myanmar to assess the business potential there.

Lin adds that Gamuda’s properties always do well, simply because it offer unique products. In the case of its Celadon City, it has a park which other high rise condos do not have. In Horizon Hills Johor, the developments are wrapped around a golf course with a very exquisite surrounding.

In Johor, Chow says that the recent opening of the Coastal Highway boosts the accessibility within the Iskandar region as well as to Horizon Hills and it reduces the travel time by half to 15 minutes. The recent increase in stamp duties for property transaction by the Singaporean government is another lift.

Below are some of Gamuda’s developments and upcoming launches.

Celadon City, Ho Chi Minh

Celadon City has a gross development value of RM5bil, which started in 2010 and spans over the next seven years.

It is a 200 acres integrated township development which is located in Tan Phu District, Ho Chi Minh, Vietnam. It is 7km from the central business district and 3km from the Tan Son Nhat International Airport

It is within the northwestern growth corridor and accessible via the Trans-Asia Road 22 which connects the airport to northeast districts and national highway 1A and near Ring Road 2 which connects the south and northeast districts

The differentiation for Celadon City is that it offers the largest central park comprising 40 acres of central parklands (including three lakes of 1.6ha) with integrated commercial and residential township.

The 16 ha green parkland integrates nature into modern living. Residents can enjoy nature trails, lake gardens, meadows and wooded forest, all at their doorsteps.

Upcoming launches: Apartments with built-up ranging from 670 sq ft to 970 sq ft of two rooms, three rooms and 3+1 rooms. Prices are from RM180,000.

Yen So Park (Gamuda City), Hanoi

Yen So Park is located in the Hoang Mai and Thanh Tri districts, Hanoi, Vietnam and is adjacent to Victory Square. It is accessible via the national highway and ring road 3.

It is an 800-acre development comprising a 700-acre park (including 340 acres of lakes), a 453-acre integrated mixed township and a 22-acre modern sewage treatment plant.

With a GDV of RM9bil beginning 2007, the development will take 10 years to complete.

The sewage treatment plant is capable of treating half of Hanoi’s population of waste water per day. It has a sewerage flushing system and meets international standards of environmental health and hygiene

The integrated commercial township consists of high rise Grade “A” office towers, a convention centre, shop offices, five-star international hotels, a 50-storey tower, a retail mail and festive retail shop lots.

There is a proposed township development comprising of a variety of housing types for the area ranging from apartments to villas. There are also community support facilities such as recreation clubs, schools and health facilities.

Upcoming launches: Terrace Houses with land areas ranging from 1,180 sq ft to 1,890 sq ft. Prices start from RM1mil.

Semi-Dees with land area ranging from 1,750 sq ft to 2,930 sq ft. Prices start from RM1.5mil Official launch will be in mid-2012.

Jade Hills

Jade Hills is located in Kajang, the southern corridor of Klang Valley. It is a boutique gated and guarded residential development which spans across 338 acres with a resort club situated at the centre of the lake. Some 20% of the development is allocated for green lung developments.

Starting in 2008 with a development lifespan of seven years, it has a total GDV of RM1.3bil.

It is adjacent to Country Heights, Cheras, Sri Kembangan and is a 20-minute drive to Kuala Lumpurcity centre. It is accessible via the Sungai-Besi Highway, KL-Seremban Highway, SKVE Highway and Silk Highway.

The development comprised oriental bungalows, semi-detached homes, garden terraces and bungalow land.

It has 12 thematic gardens, with walk ways and recreational facilities at the door step and three lakes - Misty Lake, Willow Sweeps and Water Spring.

Upcoming launches: Nine units of Lake Front Bungalows at 5,000 sq ft to 6,000 sq ft. Prices from RM3.2mil to RM5mil.

Three hundred and sixty-six units of service apartments. Build up starting from 960 s ft to 1,500 sq ft. Prices from RM400 psf.

Twenty-two units of Commerce Village which consist of two and three-storey shop office. Prices start from RM830,000.

Fifty-two units of Jade Hills town centre which consist of four and five-storey shop office. Prices start from RM1.3mil.

Horizon Hills

In the heart of Nusajaya, Iskandar Malaysia, Horizon Hills is a 1200-acre integrated residential township with a low density spread over 13 precincts.

The highlight of Horizon Hills is the designer 18-hole Par 72 championship golf course and five-star country club. Horizon Hills is a 30-minute drive to Singapore and is the fourth township undertaken by Gamuda Land.

It is accessible via North-South Highway, Malaysia-Singapore Second Link, Skudai Expressway and Johor Baru Parkway (Perling Expressway). The development consists of 6,000 units of bungalow house, semi-detached house, apartment, town house, cluster home and commercial units

Starting in March 2007, it has a GDV of RM3.7bil. The duration of the development is for over 15 years.

Some of the key features include an 18-hole Par 72 championship 200-acre golf course, a 30km continuous cycling path network and a 400-acre hill conservation area. There are also water features and an exclusive island within the township.

By The Star

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