SP Setia Bhd is set to develop its first residential project in Vietnam with partner Becamex IDC Corp to erect a township in Binh Duong Province, 40km north of Ho Chi Minh City.

To be called EcoLakes, the project will comprise of link houses, villas, apartments and semi-detached homes, among others and have a gross value of RM2.1 billion.

It is situated on 226ha within the heart of the 3,700ha MyPhuoc Industrial Park, which boasts an estimated population of 200,000 in the vicinity, said SP Setia.
 
A signing ceremony was held in Vietnam recently, attended by Malaysia's Minister of Housing and Local Government Datuk Seri Ong Ka Ting, Chief Secretary of People Committee of Binh Duong Province Mai The Trung and chairman of the People Committee of Binh Duong Provine Nguyen Hoang Son.

SP Setia and Becamex was also formalized the joint venture entity, to be called SetiaBecamex Joint Stock Company.

Chief executive officer Tan Sri Liew Kee Sin said, "...we have chosen Vietnam as our first overseas stop due to compelling factors such as strong economic growth, sizeable population and stable socio-political climate.”

"EcoLakes at MyPhuoc is set to become a landmark development which will introduce a new standard and style of living to the market and establish a new benchmark of excellence," he added.

SP Setia recently won the Fiabci Prix d’Excellence Award 2007 for Best Mater Plan Development for Setia Eco Park in Shah Alam.