Singapore – Mapletree Investments Pte Ltd (“Mapletree”), a leading Asia-focused real estate and capital management company, celebrated the groundbreaking of its first logistics park in North Vietnam – Mapletree Bac Ninh Logistics Park (“MBNLP”) today.

Located within Vietnam Singapore Industrial Park (“VSIP”) Bac Ninh, in the Tu Son District, MBNLP obtained its Investment Certificates in December 2008 and is Mapletree’s third logistics development in Vietnam. This follows the successful development of Mapletree Logistics Centre and Mapletree Binh Duong Logistics Park in VSIP I and VSIP II in Binh Duong Province, South Vietnam, respectively.

The first phase of MBNLP comprises three warehouse blocks totaling 54,750 square meters of which the first block with gross floor area of 18,250 square meters is expected to be completed in May 2011. When fully developed, this 55-hectare logistics park is projected to be valued at about USD140 million and will provide about 310,000 square meters of modern warehousing space designed for modern logistics operations. It will also house both non-bonded as well as bonded warehouses.

Mr. Chua Tiow Chye, Group Chief Investment Officer, Mapletree Investments Pte Ltd said, “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.”

On Bac Ninh’s prospects, Mr Chua added, “We believe that the province’s economy is well positioned for strong growth. Its GDP grew 26% in 1H 2010, and its industrial production was also up 76% over the same period last year. According to the 2009 Vietnam Provincial Competitiveness Index, Bac Ninh is the second most competitive province in Northern Vietnam. In addition, Bac Ninh’s proximity to Hanoi and accessibility to Hai Phong, the Lang Son China Border Gate and the northern provinces makes it an ideal location as an industrial and distribution hub. We believe that Bac Ninh is primed to be one of the key emerging logistics markets serving the northern Vietnam regions.”

MBNLP is set to be one of the most comprehensively planned logistics parks in Vietnam. It will house build-to-suit facilities customized to clients’ specific requirements, as well as modular logistics and warehouse facilities for multi-tenanted use and for customers who are looking for ready space for quick start-ups. Together with Mapletree Logistics Centre and Mapletree Binh Duong Logistics Park, Mapletree seeks to offer quality logistics space to support the expansion needs of its partners, particularly the multi-national third party logistics operators in both North and South Vietnam.

As part of the development pipeline for Mapletree Logistics Trust (“MapletreeLog” or “the Trust”), Mapletree as its Sponsor will eventually offer MBNLP to the Trust when the logistics space is substantially leased, on a right of first refusal basis.