Malaysian real estate developers are stepping up efforts to expand their land banks in Vietnam, particularly in Ho Chi Minh City and surrounding provinces, as they broaden investment portfolios in one of Southeast Asia’s fastest-growing property markets.
SkyWorld Expands Footprint
Malaysia’s SkyWorld Development recently signed a deal to acquire a 9,400-square-meter land plot in Lai Thieu Ward, Ho Chi Minh City, for 136 million ringgit (over USD 32 million). The company plans to build a 40-story residential tower with more than 1,200 apartments, alongside retail and service facilities.
The site, located near supermarkets, international hospitals, and major industrial zones such as VSIP, Tan Cang, and Song Than, offers strong connectivity and infrastructure, making it attractive to potential residents. The land had previously been listed at VND 900 billion (excluding land-use fees), but earlier negotiations with other developers fell through due to the high asking price.
This marks SkyWorld’s second project in Vietnam. In September 2023, the developer purchased a 5,200-square-meter site in District 8 for a condominium project.
UOA Group Targets Prime Locations
Another Malaysian heavyweight, UOA Group, known for its commercial property developments, is also accelerating its Vietnam expansion. The firm recently spent USD 68 million (VND 1.7 trillion) to acquire a prime 2,000-square-meter site on Vo Thi Sau Street in Tan Dinh Ward, directly opposite Le Van Tam Park. The land is zoned for a 22-story Grade A office tower.
Founded in 1987 with a market capitalization of nearly USD 900 million, UOA already has a strong presence in Vietnam with projects including UOA Tower, Millennial Tower (District 7), The MarQ (District 1), and the Sycamore township in Binh Duong, in partnership with CapitaLand.
Gamuda Land Bets Big
Meanwhile, Gamuda Land, the property arm of Malaysia’s Gamuda Berhad, is doubling down on Vietnam. Chairman Chow Chee Wah said the company has invested over USD 5 billion and plans to inject several more billions in the coming years.
Its Vietnam portfolio includes large-scale developments such as Celadon City, Eaton Park, and Artisan Park (HCMC), Gamuda Gardens (Hanoi), and new land acquisitions in Hai Phong. The company is also exploring land in Dong Nai, Tay Ninh, and Hung Yen.
Gamuda has proposed participation in the long-delayed Binh Quoi–Thanh Da peninsula development, and is studying infrastructure projects such as the metro line linking HCMC to Long Thanh International Airport and various Transit-Oriented Development (TOD) projects.
Broader Malaysian Involvement
Other Malaysian firms, including Berjaya Land, S P Setia, and Ireka Corp, also maintain stakes in Vietnam’s property market. This push mirrors the broader trend of foreign developers racing to secure the remaining prime plots in the urban cores of Ho Chi Minh City, Hanoi, and other key regions.
Investment Climate
According to Vietnam’s Foreign Investment Agency, in the first six months of 2025, newly registered, adjusted, and contributed FDI capital reached USD 21.51 billion, up 32.6% year-on-year. Real estate attracted nearly USD 5.17 billion, making it one of the top sectors. Malaysia and Sweden posted standout increases, with Malaysia climbing 20 spots from the same period last year.
By the end of 2023, Malaysia’s total registered capital in Vietnam exceeded USD 13 billion, ranking it among the top 10 foreign investors. Malaysian firms primarily target real estate, manufacturing, and services.
Compared with other ASEAN peers like Thailand, the Philippines, or Indonesia, Malaysia has executed some of the largest property deals in Hanoi and Ho Chi Minh City, as well as industrial investments in Binh Duong and Dong Nai. While disbursement speed trails that of South Korean or Singaporean investors, Malaysia continues to contribute to Vietnam’s diversified FDI landscape.
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Source: Vietnam Insider