Frasers Property Vietnam (FPV), one of Vietnam’s leading diversified property developers, and local multi-sector investment holding group GELEX have jointly broken ground at Frasers Property Vietnam, Industrial Centre Yen Phong 2C (Industrial Centre YP2C) in northern Bac Ninh province, marking their first industrial and logistics project in Vietnam’s north since they signed a partnership agreement last March.

“Bac Ninh is a strategic manufacturing hub in the Northern Key Economic Zone that is contributing to Vietnam’s push to move up the value chain,” said Mr. Lim Hua Tiong, CEO of Frasers Property Vietnam. “We are delighted to partner GELEX Group on Industrial Centre YP2C. Its premium ready-built-factory and ready-built hybrid spaces are versatile and well-positioned to cater to the unique requirements of customers, which supports the country’s industrial transformation and attractiveness as a key investment destination.”

“The breaking ground ceremony signifies a significant milestone in the execution of our strategy to establish a partner ecosystem with globally-recognized companies, thereby expanding the market and value chain for our core business segments,” said Mr. Nguyen Trong Hien, Chairman of GELEX Group.

Industrial Center YP2C is being developed, constructed, managed, and operated by FPV, leveraging its exceptional capabilities in accordance with international standards, Mr. Hien noted, adding that FPV’s expertise and understanding of the domestic market in regional infrastructure align perfectly with GELEX’s vision. “We are confident that Industrial Centre YP2C will exceed the expectations of our customers, serving as the cornerstone of Vietnam’s premier green and sustainable industrial park,” he said.

The project is to be completed in the second quarter of 2024 and will feature 34,500 sq m of high-quality industrial and logistics space designed in accordance with Frasers Property’s Premium Estates concept, which reflects its commitment to creating healthy, sustainable, and high-performing industrial assets. The 3-in-1 multi-functional industrial space will seamlessly integrate showroom, office, and production assemblies with 7,000 sq m dedicated for a green recreation park and on-site service center to support occupier well-being.

Industrial Centre YP2C will be designed to meet LEED certification standards with strong sustainability and technology features aimed at supporting workplace productivity as well as the health and well-being of occupiers. These include the use of construction materials that prioritize natural light, promoting energy efficiency, and reducing life-cycle impact.

As a multi-national real estate developer, Frasers Property takes a long-term view of its projects and has committed to green-certify its owned and asset-managed properties as part of its sustainability goals. Frasers Property’s commercial developments in Vietnam are green-certified or in the process of pursuing certification. Its Eco Logistics Center, a ready-built warehouse development managed by FPV, recently obtained LEED certification, while the Binh Duong Industrial Park, Frasers Property’s first industrial development in Vietnam, is also on track to receive LEED certification.