SP Setia in RM2b Viet township venture

By BUSINESS TIMES

MALAYSIA‘S most valuable property developer, SP Setia Bhd, has roped in a partner to develop its first residential project in Vietnam, which has a gross value of RM2.1 billion.

It will partner state-owned Becamex IDC Corp to build a township in Binh Duong Province, 40km north of Ho Chi Minh City.

The township, called EcoLakes at MyPhuoc, will be on 226ha, in the heart of the 3,700ha MyPhuoc Industrial Park, SP Setia said in a statement.

An estimated 200,000 people live in the vicinity.

“…we have chosen Vietnam as our first overseas stop due to compelling factors such as strong economic growth, sizeable population and stable socio-political climate,” chief executive officer Tan Sri Liew Kee Sin said in his speech during the signing ceremony in Vietnam.

The signing was witnessed by Malaysia’s Minister of Housing and Local Government, Datuk Seri Ong Ka Ting, Mai The Trung, Chief Secretary of People Committee of Binh Duong Province and Nguyen Hoang Son, chairman of People Committee of Binh Duong Province.

SP Setia and Becamex yesterday formalised the joint venture entity, SetiaBecamex Joint Stock Company.

“EcoLakes at MyPhuoc is set to become a landmark development which will introduce a new standard and style of living to the market and establish a new benchmark of excellence,” added Liew.

The venture will build link houses, villas, apartments and semi-detached homes, among others, at EcoLakes.

SP Setia is the developer of the Setia Eco Park in Shah Alam which won the Fiabci Prix d’Excellence Award 2007 for Best Master Plan Development.

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