Business Times

BERJAYA Land Bhd (BLand) says its planned integrated township project on 925ha in Ho Chi Minh City in Vietnam will boast a gross development value of US$7.35 billion (RM24.03 billion).

Based on the latest development plans, BLand said, the project would cost US$5.9 billion (RM19.29 billion).

The approved initial investment cost was US$3.5 billion (RM11.45 billion), the company said in a statement to Bursa Malaysia yesterday.

BLand announced yesterday that it had received the investment certificate from the licensing authority in Vietnam for the project.

BLand chief executive officer Datuk Francis Ng said the investment certificate is the fourth of seven projects planned by the company in Vietnam.

It had already received similar certificates for the US$1.9 billion (RM6.21 billion) Vietnam Financial Centre in Ho Chi Minh City, Bien Hoa City Square in Dong Nai province worth US$230 million (RM752 million) and Thach Ban New City in Hanoi worth US$500 million (RM1.64 billion).

The integrated township project will be developed and managed by BLand's wholly-owned Berjaya Leisure (Cayman) Ltd through Berjaya VIUT Ltd. Work should start next year and is due for completion in stages from 2011 to 2021.