Published in NST on March 23 2010
Perdana ParkCity Sdn Bhd, a subsidiary of the timber-based Samling group, will launch its maiden RM6 billion township project in Hanoi, Vietnam by July this year.
Called ParkCity Hanoi, the project features townvillas, townhouses, semi-detached homes and bungalows, as well as condominiums and apartments, which will be built in 15 phases. It will comprise a commercial belt, a community clubhouse, a central park and international schools.
The project will be a replica of Perdana ParkCity's on-going multi-billion ringgit Desa ParkCity township development in Bukit Menjalara, Kuala Lumpur, its group chief executive officer Lee Liam Chye told Business Times in an interview.
"We didn't launch earlier because of the global financial crisis. While the property market in Vietnam (now) remains soft, we expect it to bounce back in the third quarter of this year. We are seeing pockets of recovery," Lee said.
ParkCity Hanoi will be developed by The Vietnam International Township Development JSC (VIDC), in which Perdana ParkCity has a 59 per cent stake.
Vietnam's Vinaconex-Hoang Thanh Urban Development and Investment JSC holds another 40 per cent in the joint venture, while the remaining 1 per cent is owned by a local Vietnamese businessman.
Lee said Perdana ParkCity's contribution in the joint venture is to develop the properties, transfer its expertise and provide some funding.
VIDC has signed a credit agreement with Vietinbank to provide US$45.7 million (RM150.81 million) for the project's two initial development phases.
ParkCity Hanoi will cover 77.4ha at the junction of Le Van Luong and Le Trong Tan roads in Ha Dong district, about 13km from the city centre.
"Our partners will assist us in marketing the products and dealing with the authorities. They are targeting the locals and expatriates in Vietnam. We are confident the project will generate good sales," he said.
Lee added that ParkCity Hanoi will be a good platform for Perdana ParkCity to establish its brand internationally.
Vietnam is Perdana ParkCity's first overseas venture.
-ENDS-
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