Mitsubishi Corporation (MC) announced today that it will be working in partnership with Sembcorp Development on a housing development project in Vietnam.
The project will involve the construction of eleven 16-18 story condominiums in the province of Binh Duong, just north of Ho Chi Minh City. Some 1,419 units are planned for the complex, which will be built in phases in the “main gate” area of Binh Duong’s Vietnam Singapore Industrial Park (VSIP).
VSIP, an enterprise that builds and operates industrial parks across Vietnam, was set up in 1996 based on an agreement between the governments of Vietnam and Singapore. To date, VSIPs have been established at six locations across the country. MC and Sembcorp have been working in collaboration with VSIP since its inception and in September 2012, MC and Sembcorp signed a strategic partnership agreement for comprehensive real estate development in South East Asia with the aim of working together on township development initiatives in the region. This project is the first to be executed under that agreement.
Due to strong economic growth, Vietnam has been attracting much foreign investment, particularly in the manufacturing sector, which has led to an increase in population around industrial parks such as VSIP. This has, in turn, created greater need for urban development, such as the establishment of housing and commercial facilities. This project at Binh Duong is a first step for MC as it seeks to deepen its involvement in real estate development at Vietnam’s VSIPs.
MC is already engaged in a number of real estate businesses around the world, including projects in Japan, North America, China and South East Asia. In addition to the expertise developed through these projects, MC will draw on Japanese technological and product planning expertise to expand its real estate development business in Vietnam and other countries in South East Asia, including the Philippines, Indonesia and Myanmar.
1. Land Area: 40,100 square meter
2. Floor Area: 163,436 square meter
3. Number of Buildings: 11 towers
4. Number of Units: 1,419
5. Estimated Development Schedule
Phase I Start Date: July 2015
Start of sale of Phase I units: October 2015
Completion Date: The first quarter of 2017
About Sembcorp Development
1. Company Name: Sembcorp Development Pte. Ltd.
2. Year Established: 1976
3. Headquarters: Singapore
4. Representative: Kelvin Teo, CEO
Sembcorp Development is a leading Asian developer with over 20 years’ track record in urban development. Sembcorp’s development activities comprise industrial parks as well as commercial and residential space in Vietnam, China and Indonesia. Sembcorp Development is a wholly owned subsidiary of Sembcorp Industries, which is 49.5% owned by Temasek Holdings Private Limited, an investment company owned by the Government of Singapore. Sembcorp Industries is a leading energy, water and shipbuilding group operating across six continents worldwide. One of Singapore’s top group companies, Sembcorp Industries holds over US$ 13 billion in total assets and employs more than 8,000 people.