Gamuda Land is making strategic moves to strengthen its position in Vietnam’s rapidly growing real estate market, with its latest acquisition in Hai Phong City marking its eighth project in the country. The property arm of Malaysian conglomerate Gamuda Bhd has secured a 2.7-acre site in Le Chan district, valued at RM175.4 million, with plans to develop high-rise apartments worth an estimated RM1 billion in gross development value. This expansion underscores the company’s confidence in Vietnam’s economic potential and its commitment to delivering sustainable, community-focused developments.
The developer’s quick turnaround project (QTP) strategy has been a key driver of its success, focusing on high-yield ventures that generate returns within five years. Vietnam now accounts for a significant portion of Gamuda Land’s international sales, with flagship projects like Celadon City in Ho Chi Minh City and Gamuda City in Hanoi setting benchmarks for integrated urban living. According to Angus Liew, chairman of Gamuda Land Vietnam, the company aims to double its global property sales within five years by leveraging Vietnam’s robust economic growth and infrastructure advancements.
Vietnam’s real estate market is experiencing a supply crunch, particularly in Ho Chi Minh City, where only 799 new units entered the market in the third quarter of 2024. Government anti-corruption measures have slowed project approvals, exacerbating the demand-supply imbalance. However, industry experts like Troy Griffiths of Savills Vietnam predict a rebound by 2027, with annual supply expected to reach 19,000 units. Major infrastructure projects, including the newly opened metro line in Ho Chi Minh City, are expected to further stimulate the market.
Gamuda Land’s expansion extends beyond Vietnam, with active projects in Malaysia, Australia, and the UK. The company recently secured approval for its 75 London Wall development, transforming a historic building into sustainable office spaces. With a planned RM10.5 billion investment over the next five years, Gamuda Land is positioning itself for balanced growth across key markets. By 2030, the company anticipates 45% of its sales to come from Vietnam, 40% from Malaysia, and the remainder from other regions. This diversified approach, coupled with strong financial performance, has bolstered investor confidence, as reflected in Gamuda’s rising stock price and analyst optimism.