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Target revenue of $ 400 million / year from Vietnam, Gamuda Land is too confident?

Gamuda Gardens (Hanoi) project

According to the New Straits Times (Malaysia), Gamuda Land is quite optimistic about its real estate projects in  HCMC and Hanoi, setting annual revenue targets of more than $ 400 million from 2019 onwards.

New Straits Times said that after facing many challenges in Vietnam in 2013 and 2014, Gamuda Land had a strong recovery in real estate sales at $ 125 million by 2015 and $ 220 million in 2016 in Vietnam.

Gamuda Land Vietnam Chairman Cheong Ho Kuan (right) and General Manager Chow Chee Fan in the Gamuda City project in Hanoi.
Gamuda Land Vietnam Chairman Cheong Ho Kuan (right) and General Manager Chow Chee Fan in the Gamuda City project in Hanoi.

The Group currently has two large urban development projects in Vietnam: Gamuda City Hanoi with US $ 3.5 billion invested in 2007 and Celadon City in HCMC. HCM City $ 1.16 billion was developed by the corporation in 2010.

General Director of Gamuda Land – Chow Chee Fan said demand for residential real estate in Vietnam is increasing and buyers are also looking for higher quality projects.

Mr. Chow also said that the consumption rate of several launches recently at Gamuda City project is always 100%.

“The majority of customers have bought in cash, and the price of the products ranges from $ 300,000 to $ 1 million,” Chow said during a visit to Gamuda City on May 18.

Gamuda City was started in 2007 with an area of ​​nearly 500 hectares, including Yen So Park, Yen So Sewage Treatment Plant, Gamuda Lakes Gamuda Gardens, two commercial areas including Gamuda Central and Gamuda Plaza.

Gamuda Gardens project has a size of 73 hectares, the project provides more than 2,100 apartments, 2,000 townhouses, 100 shophouses, 200 townhouses and 100 villas. Worth of Gamuda Gardens is $ 850 million.

The Gamuda Gardens project is 73 hectares in size.
The Gamuda Gardens project is 73 hectares in size.

Chow is confident that Gamuda City’s sales will grow to $ 150 million a year in 2017 and 2018, mostly from Gamuda Gardens and set a revenue target of $ 400 million from 2019.

Gamuda also said that Vietnam’s real estate market is picking up thanks to the influx of foreign direct investment from China, Korea, Singapore and Malaysia, which has created thousands of jobs and increased people’s incomes. up.

Meanwhile, Wyren Yap Vooi Soon – General Director of Gamuda Land HCMC expected to earn $ 120 million this year and next year from the project Celadon City.

Gamuda Land is a real estate development unit of Gamuda Berhad (Malaysia) Group, established in 1995. In 2007, Gamuda Land Vietnam Limited was established to directly manage the public resettlement project in Yen So District and the development of Gamuda City.

In March, 2017, an incident occurred with Gamuda Land’s project when residents living in the villa, adjacent to the botanical subdivision of Gamuda Gardens, were too hasty to park their car at the entrance. The villa, adjacent to hanging ribbon “prime” that the investor deliberately “entrench” the way

In January, in the villa area, consecutive incidents of burglary caused serious damage to property for residents. Typically, on January 5, three luxury cars Lexus, Range Rover and Mercedes were parked at Roads 3.5 and 3.1 in the metropolitan area were busted with a total loss of more than VND200 million.

Residents of Gamuda Garden strained the 7 January morning protests.

In the face of the fact that the owner of the pathway along with security is not guaranteed, many Gamuda Gardens residents have suspended the sale.

In 2016, the People’s Committee of Hanoi requested the examination of violations at the Gamuda City project after the news media reported that Gamuda Land, the Gamuda Land investor, had intentionally changed its purpose. the use of 25.000m2 land to cooperate to build and operate a large film studio named “Santorini Park” without the approval of competent authorities.

After that, the People’s Committee of Hoang Mai district has sent a letter requesting the People’s Committee of Yen So to announce the supervision of Gamuda Land Co., Ltd. Vietnam relocated the film Santorini Park at Yen So Park in accordance with the direction of the People’s Committee of Hanoi. The removal of all infringing items at this studio must be completed in February 2017.

Although it was time for the Hoang Mai District People’s Committee to remove the violations at Santorini Park Studios, Gamuda Land Vietnam Co., Ltd. not only did not perform but also continued to welcome guests to profit.

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