Malaysia’s Gamuda acquires prime land plot to develop high-rise project in northern Vietnam

By Quang Minh, Minh Hue
Wed, May 14, 2025 | 11:10 am GMT+7

Gamuda Berhad, a leading developer of Malaysia, has acquired a prime land plot in the northern port city of Hai Phong for $38.9 million, expanding its footprint in Vietnam.

As designed, the Hai Phong project will feature a 37-storey mixed-use apartment building, including a four-storey podium, a 33-storey tower, and three basements.

The total floor area will be approximately 148,500 square meters, including more than 21,000 sqm for two parking basements, over 19,000 sqm of commercial-service floor space, and about 104,000 sqm of residential area, with a total of 983 apartment units.

The project got in-principle approval from the municipal People’s Committee in September 2023, with a total investment of nearly $3.03 trillion ($116.74 million).

Gamuda stated that construction on the project will commence in the fiscal year 2026 (ending July 2026) and be completed in the fiscal year 2028. It is expected to contribute to the group’s long-term revenue and strengthen its presence in Vietnam.

The land plot has a gross development value (GDV) of $222 million, according to Gamuda’s latest quarterly report submitted to Bursa Malaysia.

Under its recently made decision, the Hai Phong People’s Committee approved the conversion of 10,106.6 sqm of rice-growing land in Kenh Duong ward, Le Chan district into non-agricultural land for construction purposes.

The committee also granted Gamuda-linked Trang An Real Estate Investment JSC 11,321.5 sqm of land at the lot CC/29-4. This includes 10,547.4 sqm for building structures and 774.1 sqm for shared transportation infrastructure.

The land use term is 50 years, starting from October 18, 2024 - the date on which the land use right auction results were formally recognized.

Gamuda City, a project developed by Gamuda Land, in Hoang Mai district, Hanoi. Photo courtesy of the company.

Gamuda City, a project developed by Gamuda Land, in Hoang Mai district, Hanoi. Photo courtesy of the company.

Gamuda’s growing presence in Vietnam

Trang An Real Estate Investment JSC was established in May 2024, headquartered at Gamuda Gardens Urban Area in Hoang Mai district, Hanoi.

The real estate company’s initial charter capital was VND468 billion ($18 million), with founding shareholders including Nguyen Trong Hieu (80%), Luu Trong Thien (10%), and Nguyen Manh Ha (10%). In August 2024, it increased its charter capital to VND800 billion ($30.8 million).

In November 2024, Liew Bing Fooi, a Malaysian national, was appointed the company’s legal representative. He is also legal representative of several other real estate companies in Vietnam, including Gamuda Land Binh Duong Co., Ltd., Dan Xuan Real Estate JSC, Gamuda Land JSC, and Gamuda Land Nam Viet Investment Co., Ltd.

According to Gamuda Land’s website, Gamuda Berhad was established in 1995, with Gamuda Land as its property development arm.

Having entered the Vietnamese market in 2007, Gamuda Land is currently investing in several major projects including Gamuda City in Hanoi; Artisan Park in Binh Duong; Springville in Dong Nai; and Celadon City, Elysian, Eaton Park, and The Meadow in Ho Chi Minh City.

Gamuda reported that in the first half of fiscal year 2025 (August 2024-January 2025), its property sales revenue increased by 50% year-on-year to MYR1.8 billion ($417.5 million), with overseas markets contributing 67% (around MYR1.2 billion). Vietnam was the largest market with revenue of MYR1.1 billion.

Comments (0)
  • Read More
Property fever prompts tighter inspection in central Vietnam's economic hub Danang

Property fever prompts tighter inspection in central Vietnam's economic hub Danang

Chairman of Danang city People’s Committee, Pham Duc An, has ordered a comprehensive inspection and audit of land valuation and auction activities to prevent and address market manipulation that could destabilize the local property market.

Real Estate - Sat, October 18, 2025 | 8:00 am GMT+7

Vietnam mulls opening door for private investment in small modular reactors

Vietnam mulls opening door for private investment in small modular reactors

Vietnam’s Ministry of Industry and Trade has drafted a parliamentary resolution that, for the first time, would allow private companies to participate in the development of small modular nuclear reactors (SMRs).

Energy - Fri, October 17, 2025 | 4:37 pm GMT+7

Kido seeks buyer for remaining 49% stake in frozen food affiliate

Kido seeks buyer for remaining 49% stake in frozen food affiliate

Kido Group (HoSE: KDC), a leading food company in Vietnam, has approved a plan to divest the firm's remaining 49% stake in its affiliate Kido Frozen Food JSC (Kido Foods).

Companies - Fri, October 17, 2025 | 4:25 pm GMT+7

Le Ngoc Quang appointed Danang city's Party chief

Le Ngoc Quang appointed Danang city's Party chief

Le Ngoc Quang, a Party Central Committee member and Party chief of Quang Tri province, has been appointed Party chief of Danang for the 2025-2030 term - the highest position in the city, central Vietnam's economic hub.

Politics - Fri, October 17, 2025 | 4:17 pm GMT+7

T&T Group seeks to reshape north-central Vietnam’s urban landscape with major projects

T&T Group seeks to reshape north-central Vietnam’s urban landscape with major projects

Multi-sector conglomerate T&T Group is developing a model eco-urban complex in Ha Tinh province and plans to build a massive 236-hectare urban area in neighboring Nghe An, with an aim to reshape north-central Vietnam's urban landscape.

Investing - Fri, October 17, 2025 | 2:44 pm GMT+7

Toyota plans $359 mln plant expansion in northern Vietnam

Toyota plans $359 mln plant expansion in northern Vietnam

Toyota Motor Vietnam (TMV) plans to invest about VND9.46 trillion ($359.2 million) in the first phase of its plant expansion project in Phu Tho province.

Investing - Fri, October 17, 2025 | 2:09 pm GMT+7

PVI Insurance sees 9-month profit before tax more than doubling

PVI Insurance sees 9-month profit before tax more than doubling

PVI Insurance has reaffirmed its position as the No. 1 non-life insurer in Vietnam, with total revenue increasing nearly 1.4 times in the first nine months of 2025 and pre-tax profit more than doubling year-on-year - surpassing its full-year targets for both revenue and profit.

Companies - Fri, October 17, 2025 | 9:08 am GMT+7

Vingroup to develop 4,600ha coastal urban project in northern Vietnam

Vingroup to develop 4,600ha coastal urban project in northern Vietnam

A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.

Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.

Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.

Energy - Thu, October 16, 2025 | 9:04 pm GMT+7

Vietnam to soon raise taxpayers' personal deduction: official

Vietnam to soon raise taxpayers' personal deduction: official

The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.

Finance - Thu, October 16, 2025 | 6:25 pm GMT+7

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.

Economy - Thu, October 16, 2025 | 4:36 pm GMT+7

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.

Finance - Thu, October 16, 2025 | 3:35 pm GMT+7

Law No. 56 a major policy breakthrough for Vietnam's stock market development

Law No. 56 a major policy breakthrough for Vietnam's stock market development

The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.

Finance - Thu, October 16, 2025 | 2:30 pm GMT+7

WHA Group breaks ground on smart technology industrial zone in central Vietnam

WHA Group breaks ground on smart technology industrial zone in central Vietnam

Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.

Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.

Companies - Thu, October 16, 2025 | 12:06 pm GMT+7