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

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’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.