Vietnam, Singapore firms to co-develop $250 mln industrial parks

Vietnamese industrial developer Gelex and Singapore’s property developer Frasers Property Investments are planning to invest $250 million in developing industrial parks in northern Vietnam.

The cooperation will focus on high-quality industrial parks and green construction, including ready-built-factories, ready-built-warehouses, and built-to-suit properties.

The collaboration marks a milestone in bilateral ties, especially in improving labor productivity, health, and green construction towards sustainable development.

On Monday, Gelex announced the approval of purchasing a 49% stake in Titan Corporation Limited from Frasers Property Investments (Vietnam) 1 Pte. Ltd.

Titan Corporation, established in October 2022, operates in the real estate sector. Last November, the firm received an investment certificate for a VND1.8 trillion ($75.85 million) for-lease warehouse in Yen My Industrial Park, the northern province of Hung Yen, covering 16.9 hectares.

Frasers Property has made impressive investment footprints in the Vietnamese market over the past two decades in three synergistic asset classes - industrial, commercial, and residential - at the heart of the company’s growth strategy to establish itself as a leading real estate company across the country.

Frasers Property Vietnam opened an office in Hanoi last month, its second in Vietnam, to strengthen its presence in the Southeast Asian country.

Gelex, listed on the Ho Chi Minh Stock Exchange (HoSE) as GEX, recorded a post-tax profit of VND1,553 billion ($65.45 million) in 2022, down 6.8% year-on-year, on a net revenue of VND32,000 billion ($1.35 billion), up 12%.

GEX shares stayed unchanged at VND11,500 ($0.48) at the close on Monday.