Gamuda Land Vietnam chairman Cheong Ho Kuan (right) and general director Chow Chee Fan with a scale model of the Gamuda City project in Hanoi, Vietnam. PIC BY ZAHARI ZAKARIA

HANOI: GAMUDA Land is upbeat its property projects in Ho Chi Minh City and Hanoi in Vietnam will generate more than US$400 million (RM1.7 billion) in property sales a year from fiscal year 2019 onwards.

After facing various challenges in Vietnam in 2013 and 2014, Gamuda Land saw a strong rebound in property sales, achieving US$125 million in 2015 and US$220 million last year.

The company has two township developments in Vietnam — the US$3.5 billion Gamuda City, here, which started in 2007, and the RM5 billion Celadon City in Ho Chi Minh City that commenced in 2010.

Gamuda Land Vietnam general director Chow Chee Fan said there was pent-up demand from the locals in Vietnam for high-rise and landed residential properties, looking for lifestyle real estate or upgrading.

He said when the company launched a few phases recently in Gamuda City, the take-up rate by locals was 100 per cent.

“The majority bought in cash. The price range for most of the properties was between US$300,000 and US$1 million each,” said Chow during a site visit to Gamuda City yesterday.

Gamuda City, which sits on a sprawling 474ha site, is 6km from Hanoi’s old central business district.

It has several precincts which include Gamuda Central, Gamuda Plaza, Gamuda Gardens, Gamuda City commercial hub and Gamuda Lakes.

The highlight of the township development is the 323ha Yen So Park, which is completed and open to the public.

The first phase of Gamuda City is Gamuda Gardens, a 73ha integrated lifestyle project with a gross development value of US$850 million. It has four product categories — apartments (2,100 units), landed residence (over 2,000 units), shop houses (100 units), semi-detached homes (200 units) and villas (100 units).

Chow was confident that Gamuda City will post higher property sales in fiscal years 2017 and 2018 to record US$150 million in each year, generated mostly from Gamuda Gardens.

He said the real estate market in Vietnam was moving upstream, thanks to foreign direct investment from China, South Korea, Singapore, Malaysia and China, which are creating jobs by the thousands for the locals and raising their household incomes.

“There are more billionaires and millionaires in Vietnam today who can afford to buy properties in cash. They are looking for lifestyle and Gamuda City offers them that,” he said.

Meanwhile, Gamuda Land Ho Chi Minh City general director Wyeren Yap Vooi Soon said he expects Celadon City to generate US$120 million in sales this year and next year.

Yap said the unique selling point for the 82ha township that was attracting Vietnamese homebuyers and investors was the masterplan with low density, green environment and an integrated township with amenities.

“This is a boutique development and the masterpiece is the 16ha central park, which is something new for the Vietnamese market,” he said.

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