Berjaya Vietnam gets stern ultimatum

January 09, 2012 | 08:58

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A long-delayed billion dollar property project, at the heart of the southern hub, has entered last chance saloon.

Le Hoang Quan, chairman of Ho Chi Minh City People’s Committee, last week said Vietnam Finance Centre (VFC) project’s developer must energise the property or have its licence revoked.

Responding to the announcement, Malaysia-backed Berjaya Vietnam’s general director Nguyen Hoai Nam said: “[The] VFC project is expected to kick-off in March.”

Berjaya Vietnam was also warned in early 2011 to get a move on and the firm pledged to get the project rolling by last September. However, the site on Le Hong Phong street, District 10 remains empty.

Nam said the changing of VFC’s master plan, slow administrative procedures and land clearance woes had handicapped the project.

The 8.1 hectare project was licenced in 2008 comprises five blocks ranging from 44 to 48 stories. The high-rise buildings will be linked together by a six-storey podium for retail space, with the remaining floors to be used for office for lease and hotel rooms.

Berjaya Vietnam is developing nine property projects in Vietnam, including the $3.5 billion international university township in Ho Chi Minh City and a $2 billion residential area in Dong Nai province.