How is the billion-dollar project in Ho Chi Minh City acquired by the giant Gamuda Land now?

Project name change, company increases charter capital

In the middle of this year, the Malaysian real estate group Gamuda Bhd announced through its member company Gamuda Land that it had signed an agreement to acquire 100% of the capital of Tam Luc Real Estate Joint Stock Company for 315.8 million USD (about 7,200 billion VND).

Tam Luc Company is the investor of Tam Luc Residential Area project (commercial name The Riverdale) on Mai Chi Tho street frontage, Thu Duc City, Ho Chi Minh City. The project has an area of about 3.68 hectares, Gamuda Land plans to invest 1.1 billion USD (about 26,000 billion VND) to develop about 2,000 products.

Since the acquisition announcement (July) until now, this project has had many new movements.

Gamuda Land has renamed the project Eaton Park and held a groundbreaking ceremony on December 8. According to the plan, the project consists of 6 towers of 37-39 floors, with apartment areas ranging from 46m2 to 196m2, with 2 subdivisions. The apartments are expected to be offered at prices of 4,000-7,000 USD/m2, equivalent to 97-170 million VND/m2.

Along with that, on November 30, Tam Luc Real Estate Company increased its capital from VND 3,900 billion to more than VND 6,507 billion, equivalent to nearly 1.7 times. Mr. Liew Bing Fooi (or Angus Liew) is the Director and legal representative of the enterprise.

Before being acquired by Gamuda Land, in July, this company also increased its capital from VND900 billion to VND3,900 billion.

Famous M&A deals

Present in Vietnam since 2007, this Malaysian group has two major projects in Ho Chi Minh City and Hanoi including Celadon City (Tan Phu district) and Gamuda City (Hoang Mai district).

Dự án tỷ USD tại TPHCM được ông lớn Gamuda Land mua lại giờ ra sao? - 1 — Actual image of a Gamuda Land project (Photo: GL).

Gamuda Land's investment in Tam Luc Real Estate is one of the most notable mergers and acquisitions (M&A) deals this year.

Previously, Gamuda Land acquired the entire Uni Galaxy Commercial Housing Project from Binh Duong Trading and Development Joint Stock Company (Becamex TDC).

The total transfer value is nearly 1,300 billion VND (equivalent to about 54 million USD). This project has an area of over 5.6 hectares, in Hoa Phu ward, Thu Dau Mot city, Binh Duong province.

The Malaysian company also merged with a real estate company, Truong Tin Construction and Housing Trading Company Limited, to own a high-rise apartment complex in Truong Thanh Ward, Thu Duc City. The project area is about 2.8 hectares.

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