The New Strait Times on July 20 said that Gamuda Land has signed a share transfer agreement to acquire Tam Luc Real Estate Corporation, which owns a 3.68 hectare project site in Thu Duc City in Ho Chi Minh City, Vietnam, for $315.8 million.

Elysian project covers approximately three hectares and consists of 1,300 apartment units

On its dossier submitted to the Malaysia Stocks Exchange, Gamuda said the site was a shovel-ready mixed-use high-rise project site with all requisite planning approvals, ready for immediate development.

It is strategically situated in Thu Duc City which has been gazetted as the innovation hub of Ho Chi Minh City.

The location is accessible to Hanoi Highway and An Phu intersections, which is the gateway to North-South Expressway which connects Ho Chi Minh and Hanoi.

"The upcoming completion of Metro Line 1 in the fourth quarter of 2023 will further enhance connectivity, providing direct access to the Central Business District, which is highly desirable for both commercial and residential purposes, catering to the needs of a rapidly growing urban population," it said.

Gamuda intends to develop the site into a mixed-use high-rise project consisting of 1,968 exclusive apartments, 12 penthouses, 51 podium shops and 21 shophouse units across six towers of up to 40 levels. The development plan is set to be fully developed and sold within five years.

"The target positioning for this development will be in the 'high-end' category. This market segment has a pricing range of $4,000 to $7,000 per sq.m, subject to location and product quality," it said.

This is the third project acquired by Gamuda Land in the last 24 months. Last year Gamuda Land acquired a local company to develop a high-rise apartment building in Thu Duc named Elysian, which will consist of 1,300 apartment units. The total gross development value of the project is estimated to be over $250 million.

In addition, Gamuda Land had acquired the Artisan Park, which is strategically located right next to the new administrative centre of Binh Duong province. Binh Duong is also an economic hub with many industrial areas and parks. This increasing industrial growth is bringing superb demand for housing.

Artisan Park is planned to be a commercial-landed housing project, created to become a dynamic shopping and meeting hub. The project aims to bring the feel of “a summer fair all year long” to its residents. Gamuda Land also envisions the development to be a hotspot for the local real estate market upon completion.

Active in the Vietnamese market for the last 20 years, Gamuda Land is now developing two large-scale townships: Celadon City in Ho Chi Minh City and Gamuda City in Hanoi. Both two projects will become typical green townships in Vietnam with a high standard of environmentally friendly and biophilic design.