Gamuda Berhad Expands Presence in Vietnam with $300 Million Property Acquisition
Leading Malaysian real estate conglomerate, Gamuda Berhad, has made a significant announcement regarding its expansion in Vietnam. The company has acquired a substantial residential project valued at approximately $300 million. The acquisition was facilitated through its subsidiary, Gamuda Land. This strategic move highlights Gamuda’s continued confidence in the thriving Vietnamese market and is expected to be one of the most significant real estate mergers and acquisitions in Vietnam this year.
The acquisition involves Gamuda Land purchasing the entirety of Tam Luc Real Estate JSC through three wholly owned subsidiaries. The current equity holders of the targeted company include Nguyen Hong Giang with a 50% stake, Nguyen Van Viet with 46%, and Dang Thi Dung with the remaining 4%. Tam Luc Real Estate is the driving force behind a planned residential project located in Thu Duc, Ho Chi Minh City. Spanning 3.7 hectares, the project aims to include approximately 2,000 apartments and is ready to commence with all necessary legal requirements fulfilled.
Interestingly, despite a recent capital increase from around $37.5 million to $162.5 million on July 17, the Tam Luc residential project has been marketed under the name “The Riverdale” on various property websites. This project has been associated with Dien Phuc Thanh Construction and Housing Business Company. Tam Luc and Dien Phuc Thanh share connections through major shareholders, with Nguyen Minh Tam passing their stake to Nguyen Hong Giang, and Le Van Luc’s stake now held by Nguyen Thi Kieu Tien.
Dien Phuc Thanh, which has been discreetly present for 20 years, boasts a solid portfolio of projects primarily in Ho Chi Minh City, including the successful development of the upscale Phuc An Vien Cemetery Park project in District 9.
On the acquiring side, Gamuda Land is one of the prominent foreign real estate developers in Vietnam. The company entered the Vietnamese market in 2007 with its initial project, Gamuda City in Hanoi. Since then, it has expanded its operations to the southern region with projects like Celadon City in Ho Chi Minh City and Artisan Park in Binh Duong province.
This acquisition marks a significant milestone in Gamuda Berhad’s expansion strategy in Vietnam’s vibrant real estate market, further highlighting Vietnam’s growing appeal as a hotspot for international property investment.