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.
The MoU was signed in the presence of Prime Minister Pham Minh Chinh during his official visit to Singapore from February 8-11, Dr Tan See Leng, Singapore’s Minister for Manpower and Second Minister for Trade and Industry, as well as other government officials from both countries.
Keppel Land’s and Khang Dien’s representatives and government officials from Vietnam and Singapore at the MoU exchange ceremony
Louis Lim, CEO of Keppel Land confirmed the company is committed to expand its presence in Vietnam, a key market where it sees long-term growth potential.
|We are pleased to collaborate with like-minded partners, such as the Khang Dien Group, to grow our business as we contribute to Vietnam’s sustainable development. We are confident that Keppel’s suite of sustainable urban space solutions, proprietary digital initiatives and access to third-party funds for co-investments, will be a strong complement to the Khang Dien Group’s decades of experience and networks in the Vietnam real estate market. |
Mai Tran Thanh Trang, chairwoman of the Board of Management of the Khang Dien Group, said she was delighted to collaborate with Keppel Land, a reputable Singaporean urban space solutions provider.
“We believe that Keppel Land's capabilities and experience in high-quality real estate development across the world as well as long-term investment commitment in Vietnam, along with Khang Dien’s in-depth understanding and principles of sustainable operations, will synergise to reaffirm both companies’ efforts to developing completed townships and contributing to the sustainable development of Ho Chi Minh City,” Trang said.
2023 marks the 50th anniversary of diplomatic relations for Singapore and Vietnam and the 10th anniversary of the Vietnam-Singapore Strategic Partnership.
Keppel Land entered Vietnam in the early 1990s. Over three decades, Keppel Land has grown to become one of the largest foreign investors and contributors to urban development in the country, with more than 20 projects and total registered investment capital of about $3.5 billion.
In Vietnam, Keppel Land is well known for its quality residential developments, such as Estella Heights, Celesta Rise and Empire City, as well as Grade A commercial developments like Saigon Centre in Ho Chi Minh City.
The above-mentioned non-binding MoU is not expected to have any material impact on the earnings per share and net tangible assets per share of Keppel Corporation for the current financial year.
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By Bich Ngoc