Bernama

Berjaya Land ( B-Land) Bhd's wholly-owned subsidiary, Berjaya Leisure (Cayman) Ltd (BLCayman), today received its investment certificate for the development of the Vietnam International University Township(VIUT) project in Ho Chi Minh City ( HCMC).

The certificate was issued by the licensing authority of Vietnam. The VIUT project is located on a 925-hectare land in Tan Thoi Nhi Commune,Hoc Mon District.

"It is about 19 km from the city centre of HCMC and forms part of its North-West Metropolitan Authority Area," B-Land said in a statement.

Based on the latest development plans, the VIUT Project is estimated to have a gross development value and cost of about US$7.35 billion (RM23.89 billion) and US$5.90 billion (RM19.18 billion) respectively.

The approved initial investment cost was US$3.5 billion (RM11.38 billion).

The VIUT project, to commence sometime next year, will be wholly-developed and managed by Berjaya VIUT., Ltd, a newly incorporated and wholly-owned subsidiary of BLCayman in Vietnam.

It is scheduled for completion in stages from 2011 to 2021.

The master plan of the VIUT project calls for the creation of an integrated township under the four main themes of work, knowledge, lifestyle and leisure.

"It is dedicated to a vision of sustainable growth in creating attractive living and working spaces for the community amid a vibrant setting for the university,” B-land said.

The development components of the VIUT project include international universities,colleges, international and local schools, commercial space (such as offices, retail podiums, shop houses, service apartments), a civic and cultural centre, residential development (inclusive of riverfront apartments, garden housing,canal apartments and park homes), a medical centre, sport and recreation hub,garden and parks.

In a handing over ceremony for the VIUT project held in HCMC today, B-Land's Chief Executive Officer, Datuk Francis Ng said it was the fourth of the seven property developments the group has procured in Vietnam.