Keppel Land to spend $300 million on prime sites in Ho Chi Minh City

December 19, 2017 | 15:51
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Keppel Land Limited (Keppel Land) has signed sales and purchase agreements to acquire 100 per cent interest in two prime sites in Ho Chi Minh City. The total development cost of the two sites is estimated at $297 million.
Saigon Centre, one of the 20 projects developed by Keppel Land in Vietnam

According to information published on the company website, on the first site located in Saigon South, Keppel Land plans to develop about 220 landed homes and a 1,029-unit high-rise condominium. The two developments will span a gross floor area (GFA) of about 36,110 and 141,540 square metres, respectively. The total development cost, inclusive of the expenditure for land purchase, is about $235 million.

The second site is located in District 9 and borders the affluent residential enclave of District 2. Keppel Land will develop another 300 landed homes spanning a GFA of about 55,000sq.m. The total development cost for the six-hectare site, inclusive of land cost, is about $62 million.

Ang Wee Gee, CEO of Keppel Land, said, "Vietnam's housing demand is expected to continue on its upward momentum, supported by the country's young population, growing middle-class, as well as rising urbanisation.”

"The two projects will add to Keppel Land's pipeline of more than 20,000 homes in Vietnam. We will continue to leverage our experience and expertise as one of Asia's premier property companies with a strong track record of delivering well-planned, quality, and thoughtfully designed homes to meet the lifestyle aspirations of discerning homebuyers in Vietnam," Gee added.

Keppel Land sold a total of 1,010 homes in Vietnam in the first nine months of 2017, four times its performance in the same period last year. The company has received positive responses for Tilia Residences and Phase 2 of Empire City, which was launched in July 2017 and has sold more than 90 per cent of the 472 launched units by the end of September 2017.

One of Asia's premier property companies, Keppel Land, a subsidiary of Keppel Corporation, is recognised for its sterling portfolio of award-winning residential developments and investment-grade commercial properties, as well as high standards of corporate governance and transparency.

The company is geographically diversified in Asia, with Singapore and China as its core markets, as well as Indonesia and Vietnam as its growth markets.

In Vietnam, Keppel Land is one of the largest and pioneering foreign real estate developers with a diverse portfolio of properties in Hanoi, Ho Chi Minh City, Dong Nai, and Vung Tau, including Grade A offices, residential properties, retail centres, integrated townships, and award-winning serviced apartments.

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By By Ha Vy

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