Mainboard-listed construction firm Chip Eng Seng is expanding its footprint in Vietnam with two residential projects in Ho Chi Minh City.
The projects are expected to cost a total of S$180 million and will be undertaken with local partners. One is a condominium development comprising three 18-storey blocks, yielding a total of 780 units. This will be built on a 23,000 square metre site.
Chip Eng Seng will have a 20 percent stake in this project.
The second development is on a 7,000 square metre parcel. It will consist of three 21-storey blocks of more than 450 units. Chip Eng Seng will provide project management and consultancy services for both projects.
The developments are expected to be launched in the second half of the year.
The construction and property group said it is looking to undertake bigger projects that involve integrated planning.
Besides residential developments, it will also consider hotels, commercial and retail properties. - CNA/ms
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