Catalist-listed developer and construction firm Amplefield has signed a memorandum of agreement for a joint venture to build a racecourse in Ho Chi Minh City, Vietnam.

The agreement is with Equine Sanctuary (Malaysia), which will own 40 per cent of the joint venture company while Amplefield will hold 60 per cent. Equine Sanctuary (Malaysia) is a wholly owned unit of Singapore-headquartered Equine Sanctuary, a provider of horse care services and products and horse-racing consultancy services.

They will develop the racecourse on 300ha in Sing Viet City. This township development will include two components: a residential component with about 16,000 units, and an integrated gaming resort to include horse-racing, gaming and golfing facilities.

The site in Le Minh Xuan Ward in the Binh Chanh district is also expected to include educational and medical facilities.

The agreement is not expected to have a material effect on Amplefield's financials for the year ending Sept 30.

"We are delighted to be partnering a market-leading provider of horse-racing and management services to provide the planning, design and oversee the construction of the racecourse, related facilities and structures for horse-racing in Ho Chi Minh City," said Amplefield executive director Yap Weng Yau.

"This is the first step towards the development of the 'racino' facilities, and we are excited about what lies ahead as this has tremendous potential to be a huge draw for both tourists and locals and stimulate further development activities in the area."