Keppel Corporation acquires stake in a retail property in Hanoi

July 10, 2023 | 15:01

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Singaporean Keppel Corporation on July 6 announced that Keppel Land Ltd., through its wholly-owned subsidiary, VN Prime Vietnam Co., Ltd., is acquiring a 65 per cent stake in a company ProjectCo, which will hold a retail property in Hanoi.

The project is part of a mixed-use commercial development, which is under construction and slated for completion in 2025.

Keppel Corporation acquires stake in a retail property in Hanoi

The 5-phase Saigon Center complex located in the heart of District 1, Ho Chi Minh City is in the portfolio of Keppel Land Limited

VNPV will acquire a 65 per cent interest in the ProjectCo for an aggregate consideration of approximately $51.2 million.

This will be payable in cash in two tranches. Binh Minh Investment and Trading Development JSC will hold the remaining 35 per cent interest in the ProjectCo.

Keppel Corporation is a dynamic foreign real estate developer in Vietnam. Among the projects that Keppel Corp invests in, the most renowned is the five-phase Saigon Center complex located in the heart of District 1 in Ho Chi Minh City.

In addition, other projects include Estella JV, Riviera Point, Saigon Sports City, Empire City, and Vietcombank 198 building Tran Quang Khai in Hanoi.

In addition to projects, the Singapore company also invests in shares of Vietnamese real estate development companies such as Nam Long and Nam Rach Chiec Company.

As of the end of 2022, Keppel Land's asset portfolio was worth approximately $12.3 billion. In which, the contribution from Vietnam was 12.4 per cent, equivalent to more than $1.5 billion, according to the Keppel Corporation annual report.

A few days ago, Keppel Corporation, Ngee Ann Polytechnic, and Vietnam National Innovation Centre signed a non-binding MOU to collaborate on the creation of talent development programmes for tertiary students from Singapore and startups from the NIC.

They include internships and entrepreneurial events to be conducted at Keppel’s overseas offices, starting with Vietnam, as well as innovation, entrepreneurship and startup-related programmes.

Keppel, MHI and DNV ink deal to explore ammonia-powered turbine in Singapore

An MoU between Keppel New Energy Pte Ltd, Mitsubishi Heavy Industries, Ltd., and DNV will look at the possibility of creating an ammonia-fired gas turbine on Jurong Island in Singapore.

How Keppel Land enriches lives and uplifts the community

As Keppel Land Vietnam commemorates its 30th anniversary, the company is committed to advancing the sustainability cause in its operations and activities for the next 30 years and beyond.

Keppel Land and Khang Dien Group collaborate on sustainable urban developments

Keppel Land, through its wholly-owned subsidiary, and the Khang Dien Group, signed MoU on 10 February to collaborate on the development of residential projects as well as sustainable urban developments in Ho Chi Minh City.

By Bich Ngoc

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