SINGAPORE: A subsidiary of Keppel Land has received the green light from Vietnamese authorities to proceed with yet another residential project in Ho Chi Minh City. To spearhead the project, it has set up a joint venture company with a registered capital of US$32 million or S$49 million.
Keppel has a 55 percent stake in the JV amounting to S$27 million.
Its partner, local property developer Tien Phuoc, will subscribe for the remaining interest.
The project, called the Estella, will be built on a 4.8-hectare site next to another Keppel Land housing development.
The site will yield about 1,500 apartments with a potential gross floor area of 280,000 square metres.
The sales launch of the first phase is slated for later this year.
The project will see an investment of US$106 million or S$162 million.
The proposed development will house a comprehensive range of lifestyle and recreational facilities as well as 24-hour security. - CNA/ir
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