Business space solutions provider Ascendas have announced a joint venture (JV) with Saigon Bund Capital Partners to develop an integrated business park in Ho Chi Minh City, Vietnam.
The joint venture was finalised on 25th September and under the agreement, Ascendas will take a 60 per cent stake in the JV while Saigon Bund Capital Partners will own the rest. Saigon Bund Capital Partners is a joint venture between NP Capital Partners and Hong Kong's Gaw Capital Partners.
The JV will develop a 12-hectare land for the business park, called OneHub Saigon, at the main entrance of Saigon Hi-Tech Park, located at District 9 and Thu Duc District. OneHub Saigon will be directly connected to a future metro station, and the total development cost of the project is expected to be about US$130 million (S$163 million), according to the joint press release.
Thursday's investment certificate presentation ceremony for OneHub Saigon was witnessed by visiting Emeritus Senior Minister Goh Chok Tong.
OneHub Saigon will be developed in different phases over seven years, according to market requirements. Phase 1 will comprise business spaces ideal for companies in high-tech manufacturing, information technology, media and outsourcing industries. It will also have a mixed-use development with retail components to cater to existing demands.