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Friday, January 4, 2008

SP Setia signs deal for Vietnam project

S P Setia Bhd (S P Setia), through its wholly-owned subsidiary Setia Saigon East Ltd (SSEL), has formalised a cooperation agreement with Saigon Hi-Tech Park Development Company (SHTP Co) to jointly design and develop a mixed real estate development project on 79 acres of land in Ho Chi Minh City (HCMC), Vietnam.

The developer said in a statement yesterday the project caters principally to the expatriate and senior managements of multinational corporations operating in the Saigon Hi-Tech Park (SHTP).

Pham Dac Vinh (left), director of SHTP Co, exchanging documents with Liew

The land is located in District 9, a suburban area of HCMC, about 1km from the SHTP. It is modelled after the technical economic zone concept to attract foreign investment and mobilise domestic high-technology resources.

Since 2003, the park has attracted many hightech names such as Jabil Circuit, Nidec, Sonion and the Intel Group, which has committed over US$1 billion (about RM3.3 billion) in investments. The presence of these multinational firms is expected to create a growing pool of expatriates and local managers and spur demand for good-quality properties in
the vicinity.

“Fresh from securing the investment certificate for our first Vietnam project, EcoLakes, in the industrialised province of Binh Duong, near HCMC, two months ago, we have inked this deal to embark on yet another project in Vietnam.

“This underscores S P 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,” said Tan Sri Liew Kee Sin, S P Setia chief executive officer and group managing director.

Liew added that the latest move was in line with S P Setia’s strategy to export its proven real estate expertise to regional markets with bright economic prospects.

Under the terms of the cooperation agreement, SSEL and SHTP Co will work towards fulfilling the conditions over a 12-month period, after which a jointventure company (JV Co) will be formed within three months to undertake the proposed development. S P Setia, through SSEL and another wholly-owned subsidiary, Setia D-Nine Ltd, will collectively own 67% of the JV Co while SHTP Co will hold the balance of 29%, with the remaining 4% owned by the staff company of SHTP Co.

By theSun

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