Gamuda’s Subsidiary Acquires 5.6 Hectares Of Land In Vietnam

Gamuda Bhd’s wholly-owned sub-subsidiary in Vietnam, Gamuda Land HCMC Joint Stock Company, has acquired 5.6 hectares of land in Binh Duong New City, Vietnam for US$53.88 million from Binh Duong Trade and Development Joint Stock Company.

Gamuda purchased the parcel of property for US$2.3 million less than its market worth of US$56.1 million and plans to pay for it using internally produced cash.

For the local market, the company proposes to build 349 landed units, which will be a mix of townhouses and shophouses.

Various educational institutions in the vicinity, such as the Vietnamese-German University and Singapore International School, would act as pull factors for family households and provide a high-quality workforce for development.

Binh Duong New City, which is 32 kilometres from Ho Chi Minh City, is also connected to a number of major highways.

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