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VIETNAM
Companies/Property
August 14, 2007

Gamuda to develop $964mln projects worth S964mln
Gamuda Bhd, Malaysia's third- biggest developer, plans to build $964 million of projects in Vietnam's capital, Bloomsberg news quoted  a Hanoi government official as saying.

The Malaysian company will build a $711 million complex on a 327-hectare (808-acre) site that will include a hotel, convention hall, villas and apartments, as well as a $253 million water-treatment factory to supply the development, said Trieu Dinh Phuc, director of planning and investments.

``We're going to sign the agreement with Gamuda this afternoon to develop the projects,'' Phuc said in an interview by phone from Hanoi. Gamuda has asked for an additional 73 hectares for the 50-year project, according to Phuc.

Asian developers including SP Setia Bhd., Malaysia's largest, are expanding into Vietnam to benefit from economic growth. Vietnam's gross domestic product may grow as much as 8.3 percent this year, outpacing 5.6 percent expansion in Southeast Asian economies, the Asian Development Bank said this month.

Clarence Boudville, Gamuda's general manager for investor relations, based in Petaling Jaya, near Kuala Lumpur, is in a meeting and couldn't immediately comment on the report, said spokeswoman Josephine Wong.

The project may more than double Gamuda's sales in Vietnam to 8 billion ringgit ($2.3 billion) from 3.5 billion ringgit, Danny Goh, a Kuala Lumpur-based analyst at Credit Suisse, said in the report today after a briefing with Gamuda's management.

``We have turned more bullish on the stock,'' Goh said in the report. He raised his price estimate on Gamuda to 10.60 ringgit from 9.50 ringgit and kept his ``outperform'' rating.

Gamuda fell 15 sen, or 1.9 percent, to 7.60 ringgit as of the 12:30 p.m. midday close on Malaysia's stock exchange. The company jumped 6.2 percent yesterday, the biggest gain since March 7. Bloomsberg

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