SP Setia seals deals to develop project in Vietnam

By THE EDGE

SP Setia Bhd has entered into a deal with Vietnam’s state-owned conglomerate Becamex IDC Corp and Treasure Link Far East Ltd to develop its maiden residential project in Vietnam, which will have a gross development value (GDV) of US$600 million (RM2.1 billion).

The deal will see SP Setia holding a 55% share in the joint venture (JV), with Becamex holding 40% and the remainder held by Treasure Link.

The EcoLakes at MyPhuoc development project is sited on a 226ha land in the heart of the 3,700ha MyPhuoc Industrial Park (MPIP) in the booming Binh Duong province, 40km north of Ho Chi Minh City, the company said in a statement yesterday.

SP Setia said the partnership was sealed yesterday following the formalisation of the JV entity SetiaBecamex Joint Stock Company.

At the signing ceremony, SP Setia was represented by its chief executive officer and group managing director Tan Sri Liew Kee Sin. Becamex was represented by its chairman and chief executive officer Nguyen Van Hung. The signing was witnessed by Housing and Local Government Minister Datuk Seri Ong Ka Ting and several senior provincial government officials.

Liew said: “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 global expansion exercise.”

He said the property developer had chosen Vietnam as its first overseas stop due to its strong economic growth, sizeable population and stable socio-political climate.

He added that SP Setia would bring to the partnership its international award-winning expertise in developing eco-themed projects, as seen in Setia Eco Park’s success in garnering the Fiabci Prix d’Excellence Award 2007 for Best Master Plan Development.

The project will include link houses, semi-Ds, villas, apartments and condominiums besides an eco-sanctuary as well as extensive water bodies such as fountains, lakes and a centrepiece man-made beach.

In addition, two linear parks — complete with jogging tracks and bicycle paths — will form the core spine of the green lung in the township. The town centre will be replete with entertainment and commercial offerings.

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