Gamuda steps up the pace

Gamuda Land, a property arm of Malaysia giant Gamuda Berhad, plans to break ground on its $215 million Celedon City township in Ho Chi Minh City next month.

According to a company source, work was actively being finished to take the starting

To be located on 82 hectares, the township will supply around 7,000 high-end apartments, to provide accommodation for some 25,000 residents, and many supported facilities.

The model apartments will be opened in April next year, along with the sales of first apartments.

A company source said 100 to 150 apartments will be initially offered to the market, with the reference price between $900 and $1,100 per square metre.

“Although we do not have the exact prices yet we think that our above reference prices will meet increasing demands for mid-end apartments of the city,” the source said.

The project is developed by Gamuda Land and Saigon Thuong Tin Real Estate Joint Stock Co. (Sacomreal), under a 60:40 venture.

The joint venture expected to call for partners to build functional areas for secondary and senior high schools, commercial, cultural and sporting facilities based on the master plan.

The developer expected to finish the project in seven or eight years.

Chow Chee Wah, Gamuda Land managing director, said the project’s unique selling proposition would be a 20 hectare integrated park.

“We are confident the project will do well as it caters to the growing demand for quality residences in line with the rapid urbanisation and rising per capita income among Vietnamese,” Wah said.

More than two years ago, Gamuda got a billion-dollar property project off the ground in Hanoi.

Components of the $1 billion project include commercial and office centres, luxury houses, high-end apartments and recreational works among others at Yen So Park in Thanh Tri district.

VIR has learnt that the 500ha project’s park and apartments for sale will be launched in the first quarter of next year.

Gamuda Land has developed six townships in Malaysia. Vietnam was the second market in Asia where the company had got involved in property development projects.

Meanwhile Sacomreal has implemented scores of property projects in Ho Chi Minh City, Dalat, Haiphong  and Quang Nam.