SP Setia formalises project in Vietnam

Posted on | January 4, 2008

By THE STAR

PETALING JAYA: SP Setia Bhd, through wholly-owned subsidiary Setia Saigon East Ltd, has formalised an agreement with Saigon Hi-Tech Park Development Co to jointly design and develop a mixed project on 79 acres in Ho Chi Minh City.

A statement released here yesterdaysaid the project in Vietnam would cater principally to expatriates and senior managers of multinational corporations operating in the Saigon Hi-Tech Park.

Since 2003, the park has attracted many high-tech names, such as Jabil Circuit, Nidec Group, Sonion and the Intel Group, which have committed over US$1bil in investments.

The presence of these multinationals was expected to create a growing pool of expatriates and local managers and spur demand for quality properties in the vicinity, the statement said.

“Fresh from securing the investment certificate for our first Vietnam project, EcoLakes, in the industrialised province of Binh Duong near Ho Chi Minh City two months ago, we have inked this deal to embark on yet another project in Vietnam,” SP Setia chief executive officer and group managing director Tan Sri Liew Kee Sin said in the statement.

“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.”

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