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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.

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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.