|Frasers Property and Gelex Group agree on March 1 to jointly develop and operate more than 500,000 square metres of industrial space in the northern region. Photo courtesy of Frasers Property Vietnam|
HCM CITY — Singapore-based property developer Frasers Property Vietnam on Wednesday announced it has entered into a partnership with Gelex Group, a leading industrial production and infrastructure company, to develop its presence in the north of Việt Nam.
With an investment of US$250 million, Frasers plans to acquire 80 hectares of prime industrial land to its land bank and eventually develop it into more than 500,000 square metres of ready-built factories, warehouses and build-to-suit facilities.
This is in response to the significant international interest in industrial space in the region and growing demand for premium industrial estates.
Lim Hua Tiong, CEO of the Singapore firm in Việt Nam, said: “Frasers Property has a global track record and expertise in the industrial and logistics space. We are confident that our quality industrial spaces developed to international specifications and catered to tenants’ business needs will add value to Việt Nam’s Northern Key Economic Region.”
Nguyễn Văn Tuấn, CEO of Gelex Group, said: “Gelex and Frasers Property Vietnam’s comprehensive relationship now and in the future provides momentum for further projects to grow together, particularly in establishing excellent industrial parks in Việt Nam to fulfil the rising expectations of clients.”
The two plan to develop smart, modern and sustainable industrial facilities that will cater to a new segment of premium tenants.
The developments will also aim for international green building certification in line with Frasers Property’s sustainability targets. — VNS