WCT Berhad (WCT), one of Malaysia's largest construction and property development corporation, said that its wholly-owned subsidiary WCT (S) Pte Ltd will undertake a residential and commercial mixed development project in HCM City.
WCT (S) Pte Ltd has got an investment certificate from the People's Committee of Ho Chi Minh City to develop the project, the corporation said on Dec. 28.
Under the deal, WCT and Southern Land Corp, a joint stock company in Vietnam, will form a joint venture called WCT-DPN Co Ltd with an initial charter capital of 25.15 million USD, of which WCT will own 70 percent of the JV, and will fund its portion of the investment via own cash and bank borrowings.
The WCT-DPN's main business activities include development and management of the project to build mid-high class residential apartments and commercial properties for the purposes of lease and/or sale.
The project is located on an area of 46,577 sq.m in the New Urban Development Area of HCM City and has a duration of 50 years.