Setia Lai Thieu Limited, a subsidiary of S P Setia Berhad, has just entered into an in-principle agreement with Investment and Industrial Development Corp (Becamex) for the implementation and development of an independent mixed real estate project on 26.79 acres in Binh Duong Province

“The project shall entail a mixed development of approximately 1,700 units comprising shop houses, terrace houses, semi-detached houses, commercial centres, club house and apartments, all for sale and/or for lease in accordance with the laws of Vietnam. It is expected to be completed within six years, with a projected gross development value of approximately USD250,000; and will be masterplanned in accordance with S P Setia’s all-encompassing development philosophy of LiveLearnWorkPlay,” it said in a filing with Bursa Malaysia.

This is S P Setia’s second foray into Vietnam in Binh Duong Province. Its maiden project in Vietnam is the 558-acre EcoLakes, also a joint development with Becamex. Phase 1 of the terraced houses was launched in March 2009 and is 90 percent sold while Phase 2 was launched in September 2009.