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Thursday, July 3, 2008

Mapletree to set up US$500m Viet property fund

MAPLETREE Investments Pte plans to set up a US$500 million fund to invest in property projects in Vietnam, as it seeks to tap rising demand for homes, offices and shopping malls in the Southeast Asian nation.

Mapletree, owned by Singapore's Temasek Holdings Pte, will buy properties in so-called mixed-use developments in Vietnam, it said in its 2008 annual report.

``The timing of the fund will depend on market conditions,'' spokeswoman Shae Hung Yee said by telephone from Singapore yesterday. ``It will be at least US$500 million.''

Mapletree, which posted a net income of S$1.04 billion (US$763 million) in the year ending March 31, is focusing on China, India and Vietnam for growth as it expands funds under management. It added S$1.71 billion of assets on July 1 after completing its acquisition of JTC Corp's properties in Singapore.

The company will also buy more properties in China, Vietnam and Malaysia with a US$310 million industrial fund it started in 2006, Mapletree said in the report. About half of the funds are invested, and the company aims to use the rest before November 2009. It will set up a second fund after that, it said.

By Bloomberg

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