Berjaya expects license for US$3.5b university township

27 Jun

Vietnam Financial Center – Ky Hoa Lake – District 10 – HCMC.

Berjaya Land Berhad of Malaysia is expected to obtain a license for a US$3.5 billion international university township in HCM City some time this month, said a source from the city’s department of planning and investment.

The company, which is already involved in some real estate projects in the country, has been pushing for the first such project in Vietnam since last year and has submitted it to the city government and relevant ministries.

Francis Ng Sooi Lin, chief executive officer of Berjaya, in early August signed an agreement with Nguyen Van Thanh, chair of HCM City North-West Metropolitan Area Authority, to develop the Vietnam International University Township (VIUT).

The township will cover 880 hectares in the Tay Bac (North-West) new urban area in the outlying district of Cu Chi, about 30 kilometres from the city’s downtown area.

The city government will issue an investment certificate to Berjaya this month because it has received the green light from the central government and the ministries concerned, the source told the Daily yesterday.

The source said this new project would send foreign direct investment approvals in the city in the first six months of the year soaring to around US$7.1 billion, 10 times higher than the same period of last year.

The planned township comprises many commercial and civil components such as a town centre with offices, commercial blocks, hotels, and convention facilities, civic and administrative zones, and an international university campus.

It will also have residential precincts, a river port, entertainment parks, open spaces, playing fields and sporting venues: according to Berjaya. There will be a variety of waterfront and riverfront housing.

This project is planned for completion within 10 years.

Berjaya Corporation, a leading Malaysian company listed on the Bursa Malaysia Stock Exchange, is active in financial services, consumer marketing, direct selling and retailing, travel, hotels and resort development and management, property investment, manufacturing and education. Property development and education are among the group’s core business.

Berjaya earlier received an investment certificate for a project to build the Vietnam Financial Centre on Ba Thang Hai Street in District 10, HCM City. The 6.8-hectare centre valued at US$930 million will comprise six high-rise buildings. Construction work will start this year and be finished in 2013.

Berjaya through its subsidiary Berjaya Leisure Cayman also gained an investment certificate to develop a complex in Dong Nai Province, including a five-star hotel, a high-end apartment, office building and commercial buildings, at a total cost of US$1 00 million.

In Hanoi, Berjaya Land will develop a residential and commercial project called Thach Ban New City on 31.33 hectares in Long Bien District at an estimated cost of US$500 million.

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