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Mapletree gets license for $400 mln Binh Duong business park   2008-12-24 - ThanhNien

Mapletree, the real estate arm of Singapore sovereign wealth fund Temasek Holdings, received an investment license Tuesday to develop a US$400 million business park in southern Binh Duong Province.

The 100-percent foreign owned business park called Mapletree Business City aims to provide various business services including research and development, high-end production and software development.

“It will be the company’s first so-called integrated business park in the country,” Phua Kok Kim, CEO of Mapletree Industrial Fund Management Pte Ltd, said.

It will be built in four phases starting next year until 2013 on 75 hectares at the Binh Duong new township, which is a new urban development invested by Becamex Industrial Development Corporation (IDC).

Nguyen Hoang Son, Chairman of Binh Duong’s People Committee, said he believed the project could prove the province was “an attractive investment destination amid the current economic turmoil.”

Mapletree also received Tuesday the investment license to continue developing its logistics parks in Vietnam-Singapore Industrial Park No. 2 (VSIP 2). It has already invested $100 million since 2005 to build the park.

During the next phases, the company will spend a further $110 million on 420,000 square meters of warehousing space designed for logistics operations.

Mapletree said the new logistics park would bring the company’s total investment in Vietnam to $700 million.

Mapletree Investments, which has assets worth around SGD$2.6 billion ($1.8 billion), is a wholly owned unit of Temasek Holdings Pte. Ltd, a Singapore state-owned investment company.

Vietnam lured a record of more than $60 billion of foreign direct investment in the first 11 months of 2008, according to the Ministry of Planning and Investment.

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