Sembcorp joins hands with Japan's Nishi-Nippon Railroad for residential development in Vietnam

SEMBCORP Industries' joint venture (JV) company, Vietnam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC), has inked a conditional JV agreement with Nishi-Nippon Railroad Co (NNR), to develop a residential project in Hai Phong City, Vietnam.

The residential development comprises landed houses and shophouses for sale with clubhouse amenities.

Sembcorp Industries' wholly owned subsidiary Sembcorp Development holds a 45.2 per cent stake in VSIP JSC, which is also owned by Vietnam state-owned enterprise Becamex IDC Corporation.

The proposed development is subject to VSIP JSC completing a planned revision to the township master plan of VSIP Hai Phong Integrated Township and Industrial Park by mid-2018. VSIP JSC is the master developer behind the 1,600-hectare VSIP Hai Phong, where the proposed residential development will be situated.

VSIP JSC will hold 30 per cent of the JV to be formed for the residential development, with NNR holding the remaining 70 per cent.

NNR is a subsidiary of Tokyo Exchange listed Nishitetsu, a group with businesses in the transportation, logistics and real estate sectors.