Singapore’s SembCorp Industries said on Monday it has joined a consortium that will invest US$103.7 million over the next five years to develop

Singapore’s SembCorp Industries said on Monday it has joined a consortium that will invest US$103.7 million over the next five years to develop an industrial township in north Vietnam.

SembCorp said it has a 40 per cent stake in the project. Other investors include Singapore industrial landlord, Ascendas, developer United Overseas Land and Japan’s Mitsubishi Corp.

Vietnam’s state-owned Investment & Industrial Development Corp. (Becamex IDC) has a 42-per cent stake in the 700-hectare project, which will have industrial, residential and commercial facilities.

‘The township will be developed in phases in tandem with customer demand, with construction expected to commence in early 2008,’ SembCorp said in a statement.

The consortium will inject US$10.3 million through equity while the rest of the investment sum will be met through debt and internally generated funds, SembCorp said.

Source: The Business Times