SINGAPORE (Dec 18): Keppel Land, the property arm of Keppel Corporation, is acquiring 100% interest in two prime residential sites in Ho Chi Minh City, Vietnam.

The total consideration for developing the two sites amount to US$297 million ($407 million).

The first site is located in Saigon South of Ho Chi Minh City. The group plans to develop about 220 landed homes and a 1,029-unit high-rise condominium spanning a gross floor area (GFA) of about 36,110 sqm and 141,540 sqm respectively.

The 13-hectare site is easily accessible to the city’s central business district (CBD) and the total development cost, inclusive of land cost, is about US$235 million,

The second site is located in District 9 and borders the residential enclave of District 2. The group plans to develop another 300 landed homes spanning a GFA of about 55,000 sqm.

The total development cost for the six-hectare site, inclusive of the land cost, is about US$62 million.

The two projects will add to Keppel Land’s pipeline of more than 20,000 homes in Vietnam. In 9M17, the group sold a total of 1,010 homes in Vietnam and has received positive response for Tilia Residences, Phase 2 of Empire City, which was launched in July 2017.

Ang Wee Gee, CEO of Keppel Land says, “The two projects will add to Keppel Land’s pipeline of more than 20,000 homes in Vietnam. We will continue to leverage our experience and expertise as one of Asia’s premier property companies with a strong track record of delivering well-planned, quality and thoughtfully designed homes to meet the lifestyle aspirations of discerning homebuyers in Vietnam.”

Shares in Keppel Corporation closed 1 cent lower at $7.52 on Monday.