Keppel Corporation announced that Elaenia, a wholly-owned subsidiary of Keppel Land, has acquired the remaining 25% of the charter capital of Riviera Point for a consideration of VND535 billion ($31.7 million) on Feb 4.

Following the acquisition, Keppel Land has full management control of Riviera Point. The latter is now an indirect wholly-owned subsidiary of the company.

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The consideration will be paid in two tranches in cash. The sum took into account the existing potential of the plot of land in Ho Chi Minh City’s district 7, the existing development potential of the site and the approved master plan of the site.

The plot of land measures some 89,727 sqm.

Riviera Point has completed the first two phases of the residential and commercial development known as Riviera Point. It is in the process of obtaining relevant approvals from the competent authorities for the remaining phases of the project.

Shares in Keppel Corp closed 7 cents lower or 1.4% down at $5 on Feb 4.