Malaysian conglomerate Berjaya Land Berhad received the license Tuesday to develop an international university township in Ho Chi Minh City at a cost of US$5.9 billion.

Chairman of the city people’s committee, Le Hoang Quan, handed over the license to Dato’ Francis Ng Sooi Lin, CEO of Berjaya, at the HCMC Reunification Palace in the presence of government officials from Vietnam and  Malaysia and real estate executives.

The Vietnam International University Township (VIUT) will be located on a 925-hectare site in Tan Thoi Nhi Commune in Hoc Mon District, around 19 kilometers from the downtown area.

VIUT will be an integrated township comprising four main themes – work, knowledge, lifestyle and leisure.

Besides an international university campus, it will also have a town center with office buildings, commercial blocks, hotels and convention facilities and civic and administrative zones.

Berjaya said VIUT would have additional facilities, like a river port, entertainment parks and sports arenas.

A range of waterfront and riverfront housing is also planned to be built.

Dato Francis Ng said, “We are very happy to receive this investment certificate which is the fourth of our seven property development projects in Vietnam.”

The approved initial investment is $3.5 billion.

The township is expected to be ready in 10 years and accommodate 75,000 residents.

Nguyen Huu Tin, city deputy chairman, said, “The first half of 2008 saw HCMC draw FDI worth $7 billion, and VIUT is the single largest project to date.

“It will not only boost economic development but also provide a high quality workforce for HCMC and the key southern economic area.”

Berjaya has lined up projects worth $10 billion over the next 12 years in Vietnam, including a $230 million commercial center in Dong Nai Province, a $500-million commercial and residential project called Thach Ban New City in Hanoi and the $1.9 billion Vietnam Financial Center comprising six buildings in HCMC’s District 10.

Speaking at the ceremony, Datuk Sri Ong Ka Chuan, Malaysian Minister of Housing Development and Internal Affairs said, “Congratulations HCMC for the selection of Berjaya as the project investor.”

Berjaya is listed on the Malaysian Stock Exchange.

Source: Thanh Nien News