NNR is a subsidiary of Nishitetsu Group which is operating in the fields of transportation, logistics and real estate and it was listed on the Tokyo Stock Exchange.
The housing project will be set up in VSIP Haiphong under the master plan developed by VSIP JSC. The first phase of this project is expected to start in the second quarter of 2018.
VSIP Haiphong project developed by VSIP JSC has an area of 1,600 ha. The master plan of the housing project was adjusted for the first time in nearly a decade so as to improve the regional environment.
Under the terms of the agreement, NNR holds a 70% stake and VSIP JSC holds the remaining 30% of the stake in the newly established joint venture company.
According to this agreement, the residential area will include houses, commercial houses and public houses with a total land area of 9.5 hectares.
VSIP, a member company of VSIP Group, is a joint venture between two major shareholders that are Sembcorp Development of Singapore and Investment and Industrial Development Corporation (Becamex IDC).
This joint venture will not affect on earnings per share and net asset value per share of Sembcorp Industries for the fiscal year ended December 31, 2017.