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Gamuda Berhad (29579-T) • Annual Report 2012
VieTnAM
in hanoi, there has been good demand for Gamuda
City’s landed homes following its launch in
December 2011. This 453-acre flagship
development is envisaged to progressively
transform southern hanoi’s property landscape
in the coming years as it endeavours to create a
brand new business district with office, commercial,
retail and hotel components, complemented by a
self-contained lifestyle residential township. initial
launches of Gamuda City’s residential units were
fully taken up within weeks, demonstrating the
market’s confidence in its vision and master plan.
other elements of this urban redevelopment
consist of the cleaning up of five lakes and the
redevelopment of a public park. Both have nowbeen
largely completed, and once the newly-completed
sewage Treatment Plant is commissioned by
year end, the lakes will be completely free of
contaminated water and sludge. The multi-
thematic and award-winning park surrounding the
lakes is expected to be a national tourist attraction
in the coming years. Gamuda is extremely proud to
have been part of this environmental rejuvenation
effort.
our Celadon City development took a major
step forward when it sold a piece of land for the
development of a retail mall to Aeon, one of
Japan’s leading retail mall operators. The sale,
which resulted in a significant gain for the division,
will see Aeon developing their largest flagship retail
mall in our township. When completed, this retail
mall is expected to generate significant retail traffic
to our township, and boost its market position
substantially.
sales of residential units at Ruby Precinct in
Celadon City continue to be slow amidst a sluggish
market. however, we remain highly confident in the
prospects of this development as we sense that
buyers will emerge once the township starts taking
greater shape. As such, we have adopted a ‘build
then sell’ strategy, and remain committed to the
construction of two residential tower blocks, the
club house, parks and other common facilities.
The property market outlook in Vietnam in the
coming year remains mixed. At the macro level,
economic fundamentals have improved significantly
with inflation falling to the 6% level from 18% a
year ago. This has allowed the Central Bank to
start easing up on monetary policy, resulting in
three interest rates cuts over the last year. The
Dong has also stabilised at the current levels.
however, property buyers have remained generally
cautious, choosing to be extremely selective in their
purchases. landed properties have always been
the preference among home buyers and this partly
explains why Gamuda City has seen an encouraging
response. Given these trends, we expect Gamuda
City to sustain its brisk sales in the coming year.
At the end of FY2012, the division has a combined
undeveloped land bank for Malaysia and Vietnam
totalling 1,700 acres with a Gross Development
Value (GDV) of RM22 billion over the next 15
years.