Tuesday, December 27, 2011

WCT to undertake mixed development in Vietnam

KUALA LUMPUR (Dec 27): WCT BHD []'s unit has been awarded an investment certificate to carry out a residential and commercial mixed development in Ho Chi Minh City, Vietnam.

The company said on Tuesday WCT (S) Pte Ltd was granted the certificate for carrying out the project on a'' 46,577 sq metre site in the New Urban Development Area of Saigon South in Ho Chi Minh City.

WCT said it had also received approval to set up a 70%-owned subsidiary, WCT-DPN Co Ltd. The remaining 30% would be held by Southern Land Corp (SLC), a joint stock company of Vietnam.

WCT-DPN's principal business activity is the development and management of the project which is to build mid-high class residential apartments and commercial PROPERTIES [] which would be either for lease and/or sale. With a plot ratio of 6.0, the project would include shoplots and condominium units.

WCT said the duration of the project was 50 years from the date of receipt of the investment certificate.

The company said it would finance its investment in WCT-DPN through internally generated funds and/or bank borrowings. It said the project was expected to contribute positively to its future earnings.

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