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Ascendas in $144m Viet industrial park deal

DEVELOPER of industrial and business parks Ascendas has teamed up with Vietnam’s state- owned Protrade to jointly develop a US$100 million (S$144 million) industrial park.

It will mark Ascendas’ first major development project in Vietnam.

The ambitious project involves developing a 500ha industrial park in Binh Duong province which will cater to light and clean industries.

Such industries could include those in the food and beverage, precision engineering, electronics and healthcare sectors.

Called the Ascendas- Protrade Singapore Tech Park, it will be developed in three phases. The first phase – of 150ha – is set for completion in December next year.

In three years, when the project is completed, it is expected to cater to about 40,000 people working at the industrial park.

The park will offer businesses the options of prepared land and built- to-suit as well, as ready- built facilities, to give a hassle-free start-up.

The investment of US$100 million – with Ascendas being a 70 per cent joint-venture partner – is for the preparation of the land and necessary infrastructure for the whole project.

Ascendas president and chief executive Chong Siak Ching said: ‘Singapore is one of Vietnam’s top trading partners. The new park will incorporate the best features and lifestyle concepts from similar projects that Ascendas has done in Singapore, China and other markets in Asia.’

Ascendas already has a presence in Vietnam as a shareholder of the Vietnam-Singapore Industrial Park.

The new industrial park will be a key part of a new 1,350ha An Tay Industry and Service Complex – an integrated township offering living and recreational facilities for people.

Protrade is a Vietnam state-owned company with about 5,000 employees. It has businesses in food and beverage, health care, golf courses, and service apartments.

The project was announced last Saturday in Binh Duong province at a ceremony officiated by Senior Minister Goh Chok Tong and Vietnamese Deputy Prime Minister Hoang Trung Hai.

 

Source: The Straits Times 17 Dec 07

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