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Publish Date : 12-Oct-2012

SEMBCORP Industries on Thursday said its wholly-owned urban-development business unit Sembcorp Development is co-developing a residential project in Vietnam.

The US$165 million, mid-market project, called the Gateway, is in Binh Duong province. It will comprise 1,380 apartment units and amenities.

Sembcorp Development has set up a wholly-owned subsidiary, Sembcorp Development Vietnam, which has inked a joint venture agreement with Vietnam Singapore Industrial Park Joint Venture Co (VSIPJV), the developer of the Vietnam Singapore Industrial Park (VSIP) projects across Vietnam.

Sembcorp Development holds an effective 47.4 per cent stake in VSIPJV.

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