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Friday, January 4, 2008

SP Setia secures 2nd deal in Vietnam

Property developer SP Setia Bhd has clinched a deal to jointly build a 32ha mixed development project in Ho Chi Minh City which caters to expatriates and senior staff working in the Saigon Hi-Tech Park.

LIEW: The latest move is in line with its strategy to expand in regional markets with bright prospects

The project marks SP Setia's second venture in Vietnam, after it secured the investment certificate for its first project there, EcoLakes in the industrialised province of Binh Duong near the capital city two months ago.

"This underscores SP Setia's commitment towards expanding its presence in Vietnam, which is widely hailed as one of the most promising emerging real estate markets in Asia today," group chief executive officer Tan Sri Liew Kee Sin said in a press statement released in the Vietnamese capital.

He said the latest move is in line with its strategy to expand in regional markets with bright prospects.

The land is located in District 9, a suburban area some 1km from the park.

Since 2003, the park has attracted high-tech names such as Jabil Circuit, Nidec, Sonion and the Intel Group, which has committed to over US$1 billion (RM3.29 billion) in investments.

This will create a growing pool of expatriates and local managers that will demand good quality properties in the vicinity.

SP Setia, through its wholly-owned subsidiary Setia Saigon East Ltd has formalised a cooperation agreement with Saigon Hi-Tech Park Development Co to work on the project together.

A joint-venture company will be set up after a 12-month period. SP Setia will own 67 per cent of the joint venture and the Vietnamese firm 29 per cent. The rest will be owned by employees of the Vietnamese partner.

By New Straits Times

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