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Temasek’s Mapletree to build $400 million business park   2008-10-16 - Thanh Nien

Mapletree, the real estate arm of Singapore sovereign wealth fund Temasek Holdings, said Tuesday it had signed an agreement to develop a US$400 million business park in Vietnam.



The 75-hectare business park, in Vietnam’s Binh Duong Province, will be built in phases starting from 2009, Mapletree said in a statement.

It will be the company’s first so-called integrated business park in the country, Mapletree said in the statement.

The development, along with a 68-hectare logistics park, will bring the company’s total investment in Vietnam to $700 million, when all its projects are completed, it said.

Mapletree is expanding in Vietnam even as inflation and weakening global demand for exports hurts economic growth.

The economy expanded 6.5 percent in the first nine months of 2008, slowing from the 8.2 percent in the year-earlier period, after the central bank raised its benchmark interest rate to the highest in Asia and growth in the US, the largest market for Vietnamese goods, weakened.

The new development, therefore, is “a testimony of Mapletree’s confidence in the long term economic growth and potential which Vietnam offers,” Chairman Edmund Cheng said in the statement.

“The development of Mapletree Business City@Binh Duong is an opportunity for us to expand on our first logistics investment in Vietnam and diversify our investments into other asset types,” he added.

Mapletree said the 68-hectare logistics park it is also building in Binh Duong, near Ho Chi Minh City, has already signed up six customers ahead of its completion in November 2008. The company did not name the customers.

Investment by foreign businesses in Vietnam over the first nine months this year surpassed $57.12 billion, nearly a fivefold year-on-year increase, according to the Foreign Investment Agency.

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