By THE STAR
HO CHI MINH CITY: SP Setia Bhd made its maiden foray into Vietnam by teaming up with government-linked conglomerate Becamex IDC Corp to develop a RM2.1bil township, EcoLakes at MyPhuoc, in Binh Duong province.
SP Setia group managing director and chief executive officer Tan Sri Liew Kee Sin said the company chose Vietnam for its first overseas project because of the country’s strong economic growth, sizeable population and stable socio-political climate.
”Having established a dominant presence in the Malaysian property market over the past decade, we are now ready to export our expertise to foreign markets in tandem with our expansion exercise,” he told StarBiz yesterday after SP Setia and Becamex IDC signed an agreement to set up a joint-venture company, SetiaBecamex Joint Stock Co, to undertake the residential project.
EcoLakes will feature a wide range of residential properties such as link and semi-detached houses, villas, apartments and condominium units.
Present at the event were Housing and Local Government Minister Datuk Seri Ong Ka Ting, People Committee of Binh Duong Province chairman Nguyen Hoang Son, and Becamex chief executive officer Nguyen Van Hung.
“EcoLakes at MyPhuoc, spread over 226ha in the heart of MyPhuoc Industrial Park, is similar to our Setia Eco Park township in Shah Alam. We won the Master Plan category of the Fiabci Prix d’Excellence Awards 2007 for Setia Eco Park two weeks ago.
”We are now bringing this award-winning eco concept to Vietnam,” Liew said.
The project is scheduled to be completed within eight years.