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December 14, 2007

Gamuda breaks ground on $2bn park in Hanoi

Gamuda Berhad, a leading Malaysian real estate and infrastructure development group, broke ground on Yen So Park in Hanoi, to be built at a cost of US$2 billion.

The development will include a convention centre, commercial facilities, a five-star hotel and residential units as well as parks and open space on an area of 327ha around Yen So Lake on the south side of the city.

The scope of the development would make it Asia's largest urban park, said Dato Lin Yun Ling, group managing director of Gamuda.

"My presence here today is a reflection of the Malaysian Governments support for this venture that will help realise Ha Nois vision of becoming an economic, cultural, commercial and tourism centre," said Malaysian Ambassador to Viet Nam Lim Kim Eng at the groundbreaking ceremony.

"Over the past 10 years, Gamuda has proven its capacity to deliver highly complex and challenging infrastructure and property development projects. It has also successfully completed over $8 billion worth of projects, not only in Malaysia but also in the Middle East, India, Southeast Asia and Taiwan," Lim said.

A new sewage treatment plant to serve the development would also become the largest of its type in Vietnam. Approval for its construction was expected from the Hanoi Peoples Committee by the end of the month, with construction likely to commence by January of next year, said Lin.

"This will help to ensure the entire project is completed by 2010, in time for the celebration of Ha Noi's 1,000th anniversary," he added.

Courtesy VNA

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