Malaysian developer to begin Vietnam urban project next quarter

The 226-hectare township, to cost USD 620 million, will be developed by SetiaBecamex, a joint venture between SP Setia Berhad and Vietnamese state-owned Becamex IDC Corp, away 40 kilometers from the north of Ho Chi Minh City,.

Tan Sri Liew Kee Sin, Deputy Chairman of SetiaBecamex joint venture, said “Many clients have asked about the project in the last three months,” which sent a “positive signal” about the Vietnamese property market. Several banks, including Maybank, BIDV, HSBC and Techcombank, have agreed to provide loans at a later stage to buyers interested in the project, he said.

The first phase, comprising residential and commercial development, is expected to be completed by 2012. The second phase will be a mixed development to be undertaken from 2012 to 2015. Parks, gardens and green zones could make-up up to 20% of the total project area.