VSIP to develop new real estate project in Haiphong
The Bac Song Cam project covers nearly 1,600 hectares encompassing six communes in Thuy Nguyen District, with the township occupying nearly 1,100 hectares and the industrial park the remaining space, according to Vietnam-Singapore Industrial Park J.V. Co. Ltd., owner of the project.
The company has cleared 118 hectares for the ground breaking ceremony in December. The USD 1-billion project will be carried out in two phases with the 611-hectare first phase consisting of an industrial park and housing and commercial facilities, according to the company.
VSIP Co. is also developing its first industrial park in the north, the VSIP Bac Ninh Integrated Township & Industrial Park, modeled after the successful VSIP I and VSIP II in southern Binh Duong.
According to the company, over 20 investors have committed to the park which covers 700 hectares and is situated in the northern key economic zone, about 18km from the capital city. The industrial park and township comprise 500 hectares of industrial zone with modern manufacturing facilities, a logistics hub and 200 hectares for residential development. Meanwhile, VSIP II in Binh Duong Province is being expanded by an additional 1,000 hectares of industrial space and 700 hectares for residential development. In all, VSIP II occupies 2,045 hectares.
VSIP is a joint venture between Becamex IDC Corporation, a state-owned Vietnamese enterprise in Binh Duong Province, and SembCorp Industries of Singapore.
With 2,545 hectares in the southern province and 2,300 in the northern province, VSIP will be among the largest property developer in Vietnam.
Low Sin Leng, executive chairwoman of Sembcorp Industrial Parks Ltd., told the Daily that VSIP had been developing VSIP I since 1996 and started to turn a profit in 2001.
Sembcorp Industrial Parks Ltd. is diversifying its investments to other business areas while still maintaining its pace in developing industrial estates.
The corporation is seeking new projects in electricity, wastewater treatment and environment protection besides inviting other stakeholders to join forces in property projects.
