S P Setia prepares to build in Vietnam’s Binh Duong Province

KUALA LUMPUR: S P Setia’s foray into Vietnam gets an added boost with the announcement on March 11 that the People’s Committee of the Binh Duong Province issued the Investment Certificate for the establishment of Setia Lai Thieu One Member Company Ltd with a charter capital of US$6.5 million (RM21.58 million).

The company, along with Investment and Industrial Development Corp, has entered into an in-principle agreement to develop 26.79 acres of land situated in the Thuan An District of the Binh Duong Province, Vietnam for the term of 50 years.

The project will be a mixed-development comprising shophouses, terraced and semi-detached houses, commercial centres, clubhouses and apartments for sale or lease in accordance to Vietnamese law. Construction of the first phase will start once all the relevant approvals and permits have been obtained.