Berjaya Land Bhd (BLand), a subsidiary of Malaysia conglomerate Berjaya Group, is in negotiations and discussions with Ho Chi Minh City
’s authorities to revise the master plan that embraces 250 hectares allocated for its university township project.
“The revised plan now includes a mixed development covering bungalows, link houses, apartments and retail shops which are more affordable and cater more effectively to the existing demands in Ho Chi Minh City,” The Star cited BLand as saying in an filing to Bursa Malaysia.
The company added that it has already commenced site clearance works and soil investigation works are underway for the university township, which is known as the Vietnam International University Township (VIUT) project.
Granted an investment license back in 2008, the project was supposed to commence in 2009 and scheduled for completion in stages from 2011 to 2021.
The university township would consist of international universities, colleges, international and local schools, commercial, civic and cultural centers, residential developments, medical center, sports as well as recreation hub, garden and parks.
However, it has come to a standstill since then.
The local government has asked relevant agencies to review the implementation of the project with two possible outcomes: or to find a way to remove difficulties for Bland to proceed with the project, or to withdraw the license.
The VIUT project is estimated to have a gross development value of $7.35 billion. It had an approved initial investment cost of $3.5 billion.