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Sembcorp Development, a wholly-owned business unit of Sembcorp Industries, plans call for a $165 million Gateway residential project in southern Binh Duong province, about 40 kilometres from Ho Chi Minh City.
Gateway is part of a larger mixed-use development within the 500-hectare Vietnam Singapore Industrial Park in Binh Duong’s Thuan An district, which has been operational since 1996. The planned project sits on a 4.1-hectare 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.
“The project will be built in tandem with the local demand, and is estimated to be developed over eight years or more,” Sembcorp Development said in an announcement.
Sembcorp is a leading Asian developer with more than 20 years’ experience, undertaking master planning, land preparation and infrastructure development, and transforming raw land into large scale urban developments. The company owns, develops, markets and manages urban developments comprising industrial parks (IP) as well as businesses, commercial and residential space in Vietnam, China and Indonesia.
In Vietnam, Sembcorp Development is holding an effective 47.4 per cent stake in Vietnam Singapore Industrial Park Joint Venture Company (VSIP), the developer of IP projects across Vietnam including VSIP Binh Duong, VSIP Bac Ninh, VSIP Haiphong and VSIP Quang Ngai. The projects are said to be among the most successful IPs in Vietnam.
To prepare for its move into the residential market, the company founded Sembcorp Development Vietnam as a wholly-owned subsidiary. On October 11, this entity signed a joint venture agreement with VSIP, under which Sembcorp Development Vietnam and VSIP will incorporate a joint venture company in Vietnam with 40 per cent and 60 per cent shareholding respectively to develop the Gateway residential project.
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 Binh Duong.
This is the first residential project of Sembcorp Development in Vietnam. Other Singaporean property developers with large investments in Vietnam include CapitaLand, Keppel Land, GuocoLand and Mapeletree.