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Land Development
August 3, 2007

Malaysia’s Berjaya Land seals $3.5 bln deal
Malaysian property firm Berjaya Land Bhd said on August 3 it had agreed to jointly develop a $3.5 billion new university township in Vietnam's Ho Chi Minh City, Reuters reported.

The project, covering 880 hectares (about 2,175 acres), will be developed jointly with the city's Northwest Metropolitan Area Authority, Berjaya Land said in a statement. Berjaya Land, part of Malaysian tycoon Vincent Tan's Berjaya Group, said the project would capitalise on Vietnam's fast-growing economy.

"With the opening up of its economy...Vietnam has become one of Asia's fastest-growing economies and the focus of multinational enterprises," it said in a statement.

The project, sited about 20 km from the city centre, will comprise universities, colleges, schools, houses, offices, shopping mall, hotels, hospitals and an IT centre

The entire project will be developed over eight to 10 years and will be financed via internal funds and borrowing. This will be Berjaya Land's second property development project in Vietnam.

The company has started construction on a $350 million residential and commercial project in Vietnam's capital, Hanoi. The company has an 80% stake in the project, with a Vietnamese firm holding the remaining 20%. Reuters

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