Keppel Land, through its wholly-owned subsidiary KLL Strategic Holdings (KLLSH), today signed a joint-venture agreement (JVA) with Vietnamese partner Tien Phuoc Co. to develop a 11-ha waterfront residential site for 175 villas fronting the Saigon River in Ho Chi Minh City.

Upon the issuance of investment certificate and relevant government approvals, KLLSH will take up a 60% stake amounting to US$27 million ($37.8 million) in the JV company while Tien Phuoc will subscribe to the remaining interest.

This is the third project between Keppel Land and Tien Phuoc. The two other projects are located in District 2 — The Estella, a prime 1,393-unit condominium development and a 30-ha waterfront residential township developed together with another Vietnamese partner, Tran Thai Co.

To date, Keppel Land has a pipeline of more than 20,000 homes, two office buildings and serviced apartments in Vietnam with a total investment capital of almost US$4.7 billion ($6.5 billion).