Malaysian property giant Gamuda Berhad has secured a strategic foothold in Vietnam’s real estate market with a $38.9 million land acquisition in Hai Phong. The deal marks another milestone in the company’s aggressive expansion across Southeast Asia, with plans to develop a 37-story mixed-use complex featuring residential, commercial, and parking facilities spanning nearly 150,000 square meters.
The ambitious project received preliminary approval from Hai Phong authorities last year, with construction slated to begin in 2026 and wrap up by 2028. Gamuda estimates the development will generate $222 million in gross value, reinforcing Vietnam as a key revenue driver—already accounting for MYR1.1 billion in sales during the first half of fiscal 2025. The company’s growing portfolio in the country includes high-profile projects in Hanoi, Ho Chi Minh City, and Binh Duong.
Local subsidiary Trang An Real Estate Investment JSC, backed by Gamuda, secured the 11,321-square-meter plot after officials rezoned former agricultural land for urban development. The 50-year lease begins this October, allowing construction of residential towers alongside shared infrastructure. Malaysian executive Liew Bing Fooi, who oversees multiple Gamuda-linked ventures in Vietnam, will lead the project as legal representative.
With Vietnam contributing significantly to Gamuda’s overseas earnings—67% of its MYR1.8 billion property revenue—the Hai Phong development underscores the firm’s long-term commitment to the market. Since entering Vietnam in 2007, Gamuda Land has cultivated a diverse portfolio, from Hanoi’s Gamuda City to Ho Chi Minh’s Celadon City, positioning itself as a major player in the country’s urban transformation.