Following the lead of other Singaporean developers, Sembcorp Development
is branching into Vietnam’s residential property business after succeeding in
industrial property.
Sembcorp Development, a
wholly-owned business unit of Sembcorp Industries, plans call for a $165
million Gateway residential project in southern Binh Duong province, about 40
kilometres from Ho Chi Minh City.
Gateway is part of a larger
mixed-use development within the 500-hectare Vietnam Singapore Industrial Park
in Binh Duong’s Thuan An district, which has been operational since 1996. The
planned project sits on a 4.1-hectare plot, which will be developed into a
mid-market residential project of about 163,807 square metres gross floor area,
comprising 1,380 apartment units and amenities. Phase one will comprise two
blocks of 250 apartment units.
“The project will be built in
tandem with the local demand, and is estimated to be developed over eight years
or more,” Sembcorp Development said in an announcement.
Sembcorp is a leading Asian
developer with more than 20 years’ experience, undertaking master planning,
land preparation and infrastructure development, and transforming raw land into
large scale urban developments. The company owns, develops, markets and manages
urban developments comprising industrial parks (IP) as well as businesses,
commercial and residential space in Vietnam, China and Indonesia.
In Vietnam, Sembcorp Development
is holding an effective 47.4 per cent stake in Vietnam Singapore Industrial
Park Joint Venture Company (VSIP), the developer of IP projects across Vietnam
including VSIP Binh Duong, VSIP Bac Ninh, VSIP Haiphong and VSIP Quang Ngai.
The projects are said to be among the most successful IPs in Vietnam.
To prepare for its move into the
residential market, the company founded Sembcorp Development Vietnam as a
wholly-owned subsidiary. On October 11, this entity signed a joint venture
agreement with VSIP, under which Sembcorp Development Vietnam and VSIP will
incorporate a joint venture company in Vietnam with 40 per cent and 60 per cent
shareholding respectively to develop the Gateway residential project.
Gateway is part of the
developer’s efforts to develop projects that complement the functions of VSIP,
delivering an integrated urban work and living environment that enhances the
attractiveness of VSIP Binh Duong.
This is the first residential
project of Sembcorp Development in Vietnam. Other Singaporean property
developers with large investments in Vietnam include CapitaLand, Keppel Land,
GuocoLand and Mapeletree.
Ngoc Linh | vir.com.vn
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