A Sembcorp-Becamex IDC joint venture (JV) company and Nishi-Nippon Railroad Co. signed a conditional JV agreement on Oct 20 for the joint development of a residential project in Hai Phong City, Vietnam.

The Sembcorp-Becamex IDC JV will hold 30% of the JV company to be formed for the residential development, with Nishi-Nippon Railroad holding the remaining 70%. The project comprises landed homes and shophouses, as well as clubhouse amenities.

Sembcorp Industries owns a 45.2% stake in the Sembcorp-Becamex IDC JV.