Representatives of Bắc Ninh Industrial Zones Authority, Frasers Property Vietnam and GELEX at the groundbreaking ceremony of Industrial Yen Phong 2C on September 19. Photo courtesy of Frasers Property Vietnam

HCM CITY — Singapore-based property developer Frasers Property Vietnam and GELEX Group, Việt Nam's leading investment group, have jointly broken ground on Industrial Centre Yen Phong 2C in the northern province of Bắc Ninh.

The groundbreaking ceremony of Industrial Centre YP2C, the first industrial and logistics project in the north of Việt Nam since the two firms signed a partnership agreement earlier in March, was held on September 19.

It is scheduled to be completed in the second quarter of 2024 and will feature 34,500 sqm of high-quality industrial and logistics space designed in accordance with Frasers Property’s Premium Estates concept that reflects its commitment to creating healthy, sustainable, and high-performing industrial assets.

The 3-in-1 multi-functional industrial space will seamlessly integrate showroom, office, and production assemblies with 7,000 sqm dedicated for a green recreation park and on-site service centre to support occupier wellbeing on the estate.

Lim Hua Tiong, CEO of Frasers Property Vietnam, said, “Bắc Ninh is a strategic manufacturing hub in the Northern Key Economic Zone that is contributing to Việt Nam’s push to move up the value chain. We are delighted to partner with GELEX Group on Industrial Centre YP2C. Its premium ready-built-factory and ready-built hybrid spaces are versatile and well-positioned to cater to the unique requirements of customers, which support the country’s industrial transformation and attractiveness as a key investment destination.”

Nguyễn Trọng Hiền, chairman of GELEX Group, said, “Industrial Center YP2C is being developed, constructed, managed, and operated by Frasers Property Vietnam, leveraging their exceptional capabilities in accordance with international standards. Furthermore, their expertise and understanding of the domestic market in regional infrastructure align perfectly with GELEX’s vision. We are confident that Industrial Center YP2C will exceed the expectations of our customers, serving as the cornerstone of Việt Nam’s premier green and sustainable industrial park.”

As a multinational real estate developer, Frasers Property takes a long-term view for its projects and has committed to green-certify its owned and asset-managed properties as part of its sustainability goals.

Industrial Centre YP2C will be designed to meet LEED (Leadership in Energy and Environmental Design) certification standards with strong sustainability and technology features aimed to support workplace productivity as well as the health and wellbeing of occupiers.

These include the use of construction materials in the project which prioritise natural light, promoting energy efficiency and the enhancement of building life-cycle impact reduction. —VNS