Mapletree Investments Pte Ltd has celebrated the groundbreaking of Mapletree Bac Ninh Logistics Park (MBNLP), its first logistics park in North Vietnam and third logistics development in the country.
Situated within Vietnam Singapore Industrial Park (VSIP) Bac Ninh in the Tu Son District, MBNLP received its Investment Certificates in December 2008. It follows the development of Mapletree Binh Duong Logistics and Mapletree Logistics Centre in VSIP II and VSIP I in Binh Duong Province, South Vietnam, respectively, said a Mapletree report.
The first phase of MBNLP consists of three warehouse blocks amounting to 54,750 sq. m; the first block with 18,250 sq m gross floor area (GFA) is set for completion in May next year.
The 55-ha Logistics Park is valued at approximately US$140 million upon completion, with about 310,000 sq. m of modern warehousing space for modern logistics operations. MBNLP will also house both bonded and non-bonded warehouses.
“Vietnam is a very important emerging market in Asia. With its competitive cost structure and well educated work force of 85 million, it is becoming an attractive low cost alternative to China as a production base for many international corporations. With the growing demand for logistics spaces in Vietnam, we believe that Vietnam will provide opportunities to our valued partners and tenants and as we plug into the growth of the supply chain management sector,” said Mr. Chua Tiow Chye, Group Chief Investment Officer of Mapletree.
MBNLP is expected to be one of Vietnam’s most comprehensively planned logistics parks, housing build-to-suit facilities, modular logistics and warehouse facilities.
Along with Mapletree Binh Duong Logistics Park and Mapletree Logistics Centre, the company seeks to provide quality logistics space to support its partners’ expansion needs, specifically the multi-national third party logistics operators in both North and South Vietnam.