Keppel Land ready to play waiting game

Linson Lim, president of Keppel Land Vietnam, told VIR last week that the government’s tightening monetary policy, which had lead to increased interest rates and reduced loans available to property buyers and developers, coupled with high inflation and cost of living, had had a dampening impact on the property market.

However, Lim said established developers with financial strength and a good track record in Vietnam like Keppel Land would still prosper, while smaller developers faced credit issues.

“Keppel Land has gone through many cycles in Vietnam including the Asian financial crisis, SARS epidemic as well as the ongoing US and Eurozone debt crises. Despite the economic challenges, we remain confident in the long-term growth potential of Vietnam. We will continue to keep a look out for opportunities and will monitor the market closely and embark on projects at an opportune time,” Lim said.

While Keppel Land is looking for new opportunities, the developer is also committed to ensuring progress with its projects in Vietnam. Currently, Keppel Land has 18 licenced projects with total investment capital of about $2 billion and about 22,000 homes in the pipeline in Vietnam.

“We have recently completed phase one of our first condominium development in Ho Chi Minh City, The Estella, as well as our second villa development Riviera Cove, on time. We are in the process of handing over units in both developments to homeowners, some of whom have moved in and are enjoying the range of facilities and amenities at the development,” Lim said.

Last June, Keppel Land launched the Riviera Point residential project, the tallest condominium development in District 7. The waterfront development, which will be developed in phases, will consist of 2,400 units spread across 12 residential towers. Lim said construction of phase 1A was progressing on track with completion expected in 2015.

Last November the developer broke ground for Phase 2 of Saigon Centre project, which will be developed into a 45-story tower comprising retail and Grade A office space as well as luxury serviced apartments.

“We have also been closely working with the District 2 People’s Committee to clear the site for our integrated township project, Saigon Sports City, which will offer residents a unique live-work-play environment,” said Lim.