Keppel advances its next chapter in Hanoi

Hanoi is emerging as a key focus of Keppel’s next stage of development in Vietnam. Before establishing a strong presence in Ho Chi Minh City with more than 20 developments, including landmark projects such as Saigon Centre and Estella Heights, Keppel’s Real Estate Division started its Vietnam journey in Hanoi.

Keppel ventures integrate residential areas with commercial activities in a suitable urban environment

It pioneered the city’s Grade A office segment with International Centre and Vietcombank Tower, while also developing the premium serviced residence, Sedona Suites Hanoi. These three projects cemented Keppel’s position as an early mover in Hanoi’s high-end commercial real estate market.

Decades after those pioneering developments, Keppel is embarking on a new phase of growth in the capital with a broader and more integrated investment strategy, with Hanoi Centre serving as a defining milestone.

The newly opened Hanoi Centre is also the first retail development that Keppel directly manages and operates in the capital, building on the company’s proven track record with Saigon Centre, one of Ho Chi Minh City’s most successful integrated commercial developments.

Offering more than 41,000 square metres of premium retail space and nearly 200 brands across fashion, beauty, dining, and entertainment, including several flagship and first-in-Hanoi concepts, Hanoi Centre has been designed to blend contemporary commercial facilities with Hanoi’s rich cultural heritage.

Located near the Temple of Literature, the Imperial Citadel of Thang Long, and the Old Quarter, Hanoi Centre preserved a more than 140-year-old banyan tree on the historic Mint House site, and a former coin minting facility dating back to the French Indochina era, creating a unique architectural focal point within the project.

At the official opening ceremony of Hanoi Centre on July 2, Rajpal Singh, Singapore’s Ambassador to Vietnam, commended Keppel for bringing the expertise and operational capabilities demonstrated at Saigon Centre, one of the company’s flagships and most successful developments, to its latest retail project in Hanoi.

“Hanoi Centre is the latest example of Keppel’s increasing presence and investments in Vietnam,” Ambassador Singh said.

A vibrant residential community

Alongside Hanoi Centre, Keppel is further strengthening its presence in Hanoi through the Estiva Charm residential project, developed in partnership with Phu Long within the Mailand Hanoi City township.

Speaking at the groundbreaking ceremony of Estiva Charm on July 2, Nguyen Van Sinh, Vice Minister of Construction, stated that the groundbreaking was in line with the Party and state’s policy on urban development and the real estate market towards sustainability, synchronisation, and placing residents’ quality of life at the centre.

Sinh expressed hope that Estiva Charm would be implemented on schedule and to a high standard of quality, contributing to realising Hanoi’s vision for green, civilised, and sustainable urban development.

Meanwhile, Mailand Hanoi City is a nearly 300-hectare integrated township in western Hanoi, developed by Phu Long. The project is master-planned as a mixed-use urban development comprising residential, commercial, service, and community facilities.

Within Mailand Hanoi City, Keppel and Phu Long are jointly developing the more than 14ha Estiva residential development, with Estiva Charm representing its first phase.

The project also marks Keppel’s first residential development in Hanoi, expanding the company’s investment portfolio in the capital beyond commercial real estate while further strengthening its longstanding partnership with Phu Long following the success of CELESTA City in Ho Chi Minh City.

The first phase spans 2.86ha and comprises 109 dual-frontage shophouses complemented by more than 20 on-site amenities. Designed to foster a vibrant community, the development integrates residential living with commercial activities in a well-planned urban environment.

The partnership between Keppel and Phu Long reflects both companies’ long-term commitment to developing internationally benchmarked integrated urban communities, creating value for residents while contributing to the long-term development of Vietnam’s real estate market.

Beyond real estate

During recent engagements with Party General Secretary and State President To Lam, and Tran Duc Thang, Secretary of Hanoi Party Committee, Keppel reaffirmed the company’s longstanding commitment to Vietnam and confidence in the country’s continued growth.

According to Joseph Low, Keppel’s chief representative for Vietnam and president for Vietnam Real Estate, the company’s expanding investments in Hanoi reflect not only its confidence in the capital’s long-term growth potential but also its broader strategy for Vietnam.

Through the Keppel Vietnam Fund, the company is mobilising capital from global institutional investors to develop high-quality real estate projects across the country.

When fully leveraged and invested, the fund, including co-investment capital, will potentially have funds under management of approximately S$1 billion (around $773.6 million).

Beyond property investment, Keppel is expanding into businesses that complement its asset management strategy, including sustainable urban renewal, energy-as-a-service, clean energy, and digital connectivity infrastructure. These sectors are expected to offer significant growth opportunities as Vietnam accelerates its green and digital transformation.

According to Joseph Low, its real estate developments are incorporating energy efficiency, green building standards, and thoughtful designs that reduce environmental impact. “More broadly, Keppel is also bringing our infrastructure and energy transition expertise to Vietnam, helping businesses and cities manage the shift towards cleaner, more efficient energy systems. Vietnam has ambitious climate commitments, and we see a real opportunity to meaningfully contribute to this journey,” he said.

With 29 projects and over S$5 billion (around $3.86 billion) in registered investment capital in Vietnam, Keppel said it will continue expanding its footprint in the country. The company will focus on commercial real estate and the “affordable luxury” residential segment, while strengthening its presence in infrastructure, energy, and technology.

From a developer of landmark projects in Vietnam, Keppel continues to strengthen its position as a global asset manager and operator in the country. Its expanding presence in Hanoi, spanning Hanoi Centre, Estiva Charm, future developments in partnership with OSI Holdings, and initiatives in energy, digital infrastructure, and asset management, reflects the company’s strategy of building an integrated urban ecosystem that supports Vietnam’s development journey.