Gamuda Berhad’s unit Gamuda Land (HCMC) Sdn Bhd is buying a 60 per cent stake in Tan Thang Company in Vietnam. The acquired company has the rights for the investment and construction of an 825,216.5 sq m land parcel located in Son Ky Ward, Tan Phu District, Ho Chi Minh City, Vietnam.

It said in a Bursa Malaysia announcement that the project comprising medium-end and premium residential apartments, a sports complex and an educational complex is expected to generate a gross development value of RM6 billion. The project is expected to launch in the second half of this year and will be developed over a seven-year period.

The announcement said, “The project will enable Gamuda to strengthen its position in the property development industry in Vietnam.”