finds a stunning
17 October 2012 – Sembcorp De-
velopment, the wholly-owned ur-
ban development business unit of
Sembcorp Industries, has joined
hands with VSIP to develop a
$165 million residential Gateway
project in southern Binh Duong
The Singaporean firm on October
11 signed an agreement with Vi-
etnam-Singapore Industrial Park
and Township Development Joint
Stock Company (VSIP), to estab-
lish 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 Develop-
ment holds an effective 47.4 per
cent stake in VSIP.
Under the agreement, Sembcorp
Development Vietnam, a newly
incorporated wholly-owned sub-
sidiary 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 project will be undertaken
over several phases from 2013
and the joint venture will build
it in tandem with the market’s
demand, and is estimated to be
developed over eight years.
Gateway 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 me-
tres gross floor area, comprising
1,380 apartment units and ameni-
ties. Phase one will comprise two
blocks of 250 apartment units.
Gateway is part of the develop-
er’s efforts to develop projects
that complement the functions
of VSIP, delivering an integrated
urban working and living environ-
ment that enhances the attrac-
tiveness of VSIP.
(Source: VIR)
(Source: Sembcorp)
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