State-owned Becamex IDC and Malaysia’s S.P Setia Berhad signed an agreement on June 26 to establish a joint venture with the aim of developing the Ecolakes My Phuoc housing estate.

SetiaBecamex JSC plans to invest US$600 million in the project in the My Phuoc Urban Industrial Zone, located 40km from HCM City.

Covering 226ha, the project will be home to 200,000 people and include healthcare centres, an international school and entertainment centres.

S.P Setia is Malaysia’s biggest real estate group with 24 member companies engaging in construction, urban development, banking and securities. The group has other construction projects in Binh Duong province such as the 62km Binh Duong Boulevard, Vietnam-Singapore Industrial Zone, My Phuoc Urban Industrial Zone and My Phuoc-Tan Van Highway.