Mapletree Investment Pte, a leading Asia-focused real estate and capital management company, has just expanded its footprint in northern Vietnam by constructing its first logistics park.
The Singaporean company last week broke ground on its 55 hectare logistics park at the Vietnam-Singapore Industrial Park in Bac Ninh province, that will provide 310,000 square metres of modern warehousing space.
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Mapletree plans to develop Bac Ninh province, which is close to Hanoi and accessible to Haiphong City and Vietnam-China border gate and the northern provinces, as a logistics hub in northern Vietnam.
“With the growing demand for logistics spaces in Vietnam, we believe that Vietnam will provide opportunities to our valued partners and tenants and as we plug into the growth of supply chain management sector,” said Chua Tiow Chye, group chief investment officer at Mapletree Investment Pte.
Chye said Vietnam was an important emerging market in Asia and with its competitive cost structure and well educated work force, the country was becoming an attractive low cost alternative to China for many international corporations.
In the first phase, the logistics park will comprise three warehouse blocks totalling 54,750sqm, of which the first block with gross floor area of 18,250sqm is expected to be completed in May 2011.
“It will be one of the most comprehensively planned logistics parks not only in the northern provinces but also in Vietnam and will house both non-bonded as well as bonded warehouses,” Chye said.
Chye said Mapletree chose Vietnam as one of its key investment markets in Asia, with total committed $850 million investment capital in the country.
The Bac Ninh-based facility is Mapletree’s third logistics development in Vietnam. This follows the successful development of Mapletree Logistics Centre and Mapletree Binh Duong Logistics Park in VSIP I and VSIP II in Binh Duong province.
“In tandem with our growth, we will soon be opening another two offices, one in Ho Chi Minh City and the other one in Hanoi,” said Chye.
Nhu Ngoc (vir.com.vn)