By Sharen Kaur
sharen@mediaprima.com.my
Published in NST on April 9, 2013
IREKA Corp Bhd is poised to gain from its investments in Vietnam as most
of the projects will start to bear fruits between now and 2018,
boosting the group's earnings, said a top official.
Its infrastructure arm Ireka Engineering and Construction Vietnam Co Ltd (IECVCL) has completed a RM112 million job to build the City International Hospital in Ho Chi Minh City.
The hospital is part of the RM670 million International Hi-Tech Healthcare Park (IHHP), which consists of private hospitals, mixed commercial, hospitality and houses.
Ireka's 23 per cent associated firm Asean Properties Ltd (APL), which is listed in London and involved in real estate development in Malaysia and Vietnam, has a 66.4 per cent stake in IHHP.
Ireka Development Management Sdn Bhd president and chief executive
Lai Voon Hon said IECVCL will start phase 2 of IHHP this year, to build
medical suites, residences and two centres of excellence.
"Healthcare is a growing industry and we are very confident of entering this field, especially an emerging market like Vietnam," Lai said in an interview recently.
Ireka has also invested in Nam Long Investment Corp, one of the largest private real estate developers in Vietnam, which made its debut on the Ho Chi Minh City Stock Exchange yesterday.
Ireka's interest in Nam Long since 2008 is via APL, which owns 16.32 per cent of Nam Long. The stake is currently valued at about US$22.6 million (RM69.16 million).
"We are excited with our investment in Nam Long. We made the investments as we saw the potential in affordable housing. The company has a huge land bank, which is difficult and costly to get in Vietnam.
"Nam Long develops branded affordable houses. Despite the worst period of property development in Vietnam, they sold very well," Lai said.
The affordable housing sector demand has big potential with the current population of around 90 million in Vietnam. Ho Chin Minh City, with a population of about 10 million, needs around 70,000 affordable apartments per year. Nam Long currently provides 2,000 units a year to the market.
The stimulus package of VND30 trillion (RM4.38 billion) credit programme by the Vietnamese government for buyers of affordable housing, which takes effect this month, is expected to lift the property market.
Nam Long has over 560 hectares of land, mainly in Ho Chi Minh City and neighbouring provinces. APL is co-developing the Waterside Estates in District 9 of Ho Chi Minh City with Nam Long.
sharen@mediaprima.com.my
Published in NST on April 9, 2013
Its infrastructure arm Ireka Engineering and Construction Vietnam Co Ltd (IECVCL) has completed a RM112 million job to build the City International Hospital in Ho Chi Minh City.
The hospital is part of the RM670 million International Hi-Tech Healthcare Park (IHHP), which consists of private hospitals, mixed commercial, hospitality and houses.
Ireka's 23 per cent associated firm Asean Properties Ltd (APL), which is listed in London and involved in real estate development in Malaysia and Vietnam, has a 66.4 per cent stake in IHHP.
"Healthcare is a growing industry and we are very confident of entering this field, especially an emerging market like Vietnam," Lai said in an interview recently.
Ireka has also invested in Nam Long Investment Corp, one of the largest private real estate developers in Vietnam, which made its debut on the Ho Chi Minh City Stock Exchange yesterday.
Ireka's interest in Nam Long since 2008 is via APL, which owns 16.32 per cent of Nam Long. The stake is currently valued at about US$22.6 million (RM69.16 million).
"We are excited with our investment in Nam Long. We made the investments as we saw the potential in affordable housing. The company has a huge land bank, which is difficult and costly to get in Vietnam.
"Nam Long develops branded affordable houses. Despite the worst period of property development in Vietnam, they sold very well," Lai said.
The affordable housing sector demand has big potential with the current population of around 90 million in Vietnam. Ho Chin Minh City, with a population of about 10 million, needs around 70,000 affordable apartments per year. Nam Long currently provides 2,000 units a year to the market.
The stimulus package of VND30 trillion (RM4.38 billion) credit programme by the Vietnamese government for buyers of affordable housing, which takes effect this month, is expected to lift the property market.
Nam Long has over 560 hectares of land, mainly in Ho Chi Minh City and neighbouring provinces. APL is co-developing the Waterside Estates in District 9 of Ho Chi Minh City with Nam Long.
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