Frasers Property, Gelex Infrastructure expand strategic investment partnership

Multinational real estate investor-developer-operator Frasers Property and Gelex Infrastructure JSC, a member of Vietnam’s Gelex Group, on Saturday signed an agreement on enhanced strategic collaboration and investments, with a focus on residential properties and other high-potential segments.

Under the agreement, Frasers Property will hold a 51% stake, while Gelex Infrastructure will own the remaining 49%. The partnership aims to expand market share in the residential segment and other key areas amid strong growth in real estate demand.

This move marks the next phase in the long-term collaboration between the two companies, combining Frasers Property’s international development expertise with Gelex Infrastructure’s deep understanding of the domestic market to create sustainable value in the future.

Edwin Tan, deputy CEO, Frasers Property Vietnam and managing director, Industrial & Logistics (Southeast Asia), said the partnership with Gelex Infrastructure is built on a long-standing relationship and proven track record, including multiple premium industrial developments in Vietnam.

This proposed joint venture marks the next phase of our strategic collaboration, expanding into real estate asset classes aligned with our long-term development goals,” he said, adding that in line with its emerging markets strategy, Frasers Property aims to deliver high-quality developments that support urban and economic growth in Vietnam and the region.

Luong Thanh Tung, CEO of Gelex Infrastructure, emphasized that the partnership is not a one-off transaction but a long-term strategic alliance in which both parties share vision, resources, and expertise to generate sustainable value.

The first milestone of the expanded cooperation is the ANmaison residential project in the northern port city of Hai Phong. Developed to international standards, the project is located in the historic urban core of the city and features Indochina-inspired architecture with a strong focus on sustainability and green living. ANmaison benefits from direct access to a 120-hectare riverside park, offering a rare high-quality living environment in Hai Phong.

Building on this momentum, the two partners are planning to develop a large-scale mixed-use project in Dong Nai province, covering 113 hectares. The project is designed to meet growing demand for high-quality residential, commercial, and service spaces.

Located at a key infrastructure junction in eastern Ho Chi Minh City’s extended metropolitan area, the development will benefit from strong interregional connectivity and proximity to Long Thanh International Airport, positioning it to capitalize on rising demand for premium urban developments in southern Vietnam’s growth corridor.

Previously, Frasers Property and Gelex Infrastructure jointly developed five industrial and logistics projects in Vietnam, spanning approximately 100 hectares across major industrial hubs such as Bac Ninh, Quang Ninh, and Hung Yen. With a strong emphasis on sustainability, these projects have achieved prestigious international green certifications, setting new benchmarks for premium industrial real estate in Vietnam.

As Vietnam continues to accelerate urbanization and attract long-term investment flows, the expanded partnership between Frasers Property and Gelex Infrastructure further underscores the role of responsible developers in promoting sustainable urban growth, while contributing positively to the development of Vietnam’s real estate market and broader economy.

Frasers Property is a Singapore-headquartered, SGX-listed integrated real estate investor, developer, and operator, with total assets of approximately $31.2 billion as of September 2025. The group operates across industrial and logistics, commercial, retail, residential, and hospitality segments in Asia-Pacific, Europe, and China, with Vietnam projects including Melinh Point, Worc@Q2, Q2 Thao Dien, and green-certified industrial facilities in key manufacturing hubs.

Gelex Infrastructure is one of the two core pillars of Gelex Group (GEX), overseeing the group’s infrastructure, real estate and construction materials businesses.

Its portfolio includes listed companies such as Viglacera (VGC) and Song Da Clean Water (VCW), as well as major industrial parks including Long Son (PXL), Tien Son and Phu Ha, and a joint venture with Singapore’s Frasers Property named Titan Corporation.

The company has yet to release its Q4 financial statements, but preliminary estimates point to consolidated revenue of nearly VND14.52 trillion ($559.56 million) and pre-tax profit of nearly VND2.03 trillion ($78.07 million) for 2025, up 14% and 24.6%, respectively, from 2024. These figures represent roughly 94% of the revenue target and exceed the year's profit goal by about 5%.

As of the latest reporting period, Gelex Infrastructure reported equity of nearly VND18.21 trillion ($701.93 million) and total borrowings of VND12.54 trillion, translating into a debt-to-equity ratio of around 0.7. Cash, cash equivalents and short-term financial investments exceeded VND5.4 trillion ($208.17 million), accounting for about 13% of total assets.

On the Ho Chi Minh Stock Exchange, its GEL shares closed Monday at VND35,000 ($1.35) apiece.