BERJAYA Land Bhd (BLand) has signed a memorandum of understanding with KY Hoa Tourist Trading Co Ltd of Vietnam to develop 6.6ha in Ho Chi Minh City into a financial centre.

The mixed commercial development will comprise offices, shopping mall, five-star hotel and service suites. The project is proposed to be wholly developed and managed by BLand. It will have an estimated gross development value of US$700 million (RM2.4 billion), and financing will be from internal funds and/or borrowings.