S'pore developer to invest in Vietnam

S'pore developer to invest in Vietnam

HANOI: Singapore real estate developer Mapletree Investment Pte. Ltd. is to invest US$100 million in a logistics park in southern Vietnam, state media reported.

The company and Vietnam Singapore Industrial Park II signed a confirmation letter giving Mapletree exclusive rights to develop a 56-hectare (138-acre) logistics park in Binh Duong province, said the Saigon Times seen on Saturday.

The area will consist of bonded warehouses and possibly a free trade zone. Construction work was scheduled to start in the first quarter of next year, the paper said.

Mapletree, a wholly-owned unit of Singapore's state-linked investment giant Temasek Holdings Pte. Ltd., has an asset base of around $2.6 billion. -- AFP