SINGAPORE (July 11): Keppel Land has acquired a 60% stake in three land parcels in Vietnam for $76 million to co-develop 2,400 premium apartments.

The conditional share purchase agreement for the three land sites was signed by Keppel Land’s wholly-owned subsidiary, Monestine, and Vietnamese developer, Phu Long Real Estate Corporation.

Spanning 6.2ha in Nha Be district, Saigon South, Ho Chi Minh City (HCMC), the three sites are situated within 400m of each other, along the Nguyen Huu Tho arterial thoroughfare, and are just a 25-minute drive from the HCMC central business district.

The residences will also come with ancillary shophouses, which will offer around 14,650 sqm of commercial space.

The sites are also near many public amenities, including healthcare facilities and leading educational institutions.

In addition, lifestyle and recreation offerings that are available nearby include SC VivoCity, Crescent Mall and Saigon South Golf Course.

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The project will be developed in three phases. The development of Phase One, comprising about 910 apartments and some shophouses, will start in the first quarter of 2020, after relevant approvals have been obtained.

The total development cost for the project, inclusive of land cost, is expected to be in excess of $425 million.

Linson Lim, President (Vietnam), Keppel Land, says, “We are confident that our residential developments will be well-received by discerning homebuyers seeking well-located and high-quality homes in the Southern corridor of HCMC. This acquisition will add to Keppel Land’s pipeline of about 20,000 homes and quality commercial portfolio in Vietnam.”

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Shares in Keppel Corp closed 9 cents higher at $6.62 on Thursday.

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