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The Singaporean firm on October 11 signed an agreement to with Vietnam-Singapore Industrial Park and Township Development Joint Stock Company (VSIP), to establish a joint venture.
VSIP is the developer of Vietnam Singapore Industrial Park projects across Vietnam. The project is a joint venture between Becamex IDC and a Singapore consortium led by Sembcorp Development, respectively. Sembcorp Development holds an effective 47.4 per cent stake in VSIP.
Under the agreement, Sembcorp Development Vietnam, a newly incorporated wholly-owned subsidiary of Sembcorp Development and VSIP will incorporate a joint venture company in Vietnam with 40 and 60 per cent shareholding, respectively to develop Gateway.
The will be undertaken over several phases from 2013 and the joint venture will build it in tandem with demand, and is estimated to be developed during eight years.
It is part of a larger mixed-use development within the 500 hectare VSIP in Thuan An district, Binh Duong province, operational since 1996. Gateway sits on a 4.1ha 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.
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.