CATALIST-LISTED property developer and construction services provider Amplefield has signed a memorandum of agreement for a joint venture to build a racecourse and racetrack in Ho Chi Minh City, Vietnam.
The agreement is with Equine Sanctuary (Malaysia), which will own 40 per cent of the joint venture company while Amplefield holds 60 per cent.
The racecourse and racetrack will be developed on 300 hectares in Sing Viet City. The township development will include two components: a residential component with about 16,000 residential units and an integrated gaming resort which will include horse-racing, gaming and golfing facilities.
Situated at Le Minh Xuan Ward in the Binh Chanh district, the site is also expected to include educational and medical facilities.
The agreement is not expected to have a material effect on the group's financials for the year ending Sep 30.
"This is the first step towards the development of the "racino" facilities and we are excited about what lies ahead as this has tremendous potential to be a huge draw for both tourists and locals and stimulate further development activities in the area," said Amplefield executive director Yap Weng Yau.