Keppel Land (K17.SG) unlikely to get much boost from news over midday break it enters JVs with two Vietnamese developers for two prime sites in Ho Chi Minh City; analyst at foreign bank says, on first glance, contract “not really a big deal, but there’s no reason not to get excited about it.” Says JVs not large, relatively speaking, but new jobs always welcome; adds, while Keppel Land has always been in Vietnam, country not significant earnings contributor. 

KepLand says first agreement for development of 13.5-hectare HCMC waterfront site for residential villas; total development cost of US$115 million split evenly. Second agreement for 9.8-hectare site, also for villas with KepLand taking 60% stake for US$65 million ($84.5 million) TDC; both developments expected to launch first phases in 4Q11. Shares down 0.5% at $4.39; orderbook suggests any upside may face hurdle at $4.45.