Gamuda Land, the realty arm of Malaysian infrastructure giant Gamuda, recorded overseas sales of RM2 billion ($424.8 million) in fiscal year 2023 (ending July 2023), with Vietnam accounting for the biggest portion at 76%.
Globally, Gamuda Land’s sales reach an all-time high of RM4.1 billion ($870.9 million) in fiscal year 2023, up 2.5% year-on-year, despite inflationary headwinds and interest rate tightening cycles around the world, the firm said in its quarterly review.
Gamuda Land will continue its diversification strategy, especially in markets with a strong footprint such as Vietnam, Australia and the UK, the firm added.
The Malaysian company attributed the strong performance in Vietnam to quick turnaround projects (QTP) as part of its strategic five-year plan. In particular, the Elysian project in Ho Chi Minh City and Artisan Park in the neighboring province of Binh Duong sold 84% and 70% of their units, respectively.
Besides, the well-established Celadon City in HCMC and Gamuda City in Hanoi recorded sales of RM753 million ($159.9 million), according to report.
Gamuda Land also highlighted its spending of $315.8 million on acquiring 100% of equity in Vietnam’s Tam Luc Real Estate Corporation. The transaction helped the Malaysian firm acquire a 3.6-hectare land lot in a prime location in HCMC. The acquisition represents a unique opportunity as project development in prime sites of HCMC has been restricted, it said.
Gamuda Land will continue to balance its company portfolio in the international market, with a focus on commercial developments in Vietnam thanks to the country’s positive economic prospects and foreign direct investment, the realty division of Gamuda emphasized.