KEPPEL Land has announced its fifth residential project in Vietnam this year - a 1,500-unit condominium in Ho Chi Minh City - adding to its portfolio of over 20,000 homes there.
Mr Ang: 'We will continue to be on the look-out for more prime residential sites in Vietnam'The total investment capital for the latest project is estimated at US$136 million.
Through wholly-owned subsidiary Corredance Pte Ltd, Keppel Land has signed a joint venture agreement with Vietnam-based Hong Quang Co Ltd to develop the 5.1ha waterfront site. Corredance is expected to take up a 60 per cent stake amounting to US$24.6 million of the total registered capital of US$41 million in the JV company while Hong Quang, a property developer, will subscribe for the rest.
Keppel Land director of regional investments Ang Wee Gee is bullish on Vietnam. He said: 'We will continue to be on the look-out for more prime residential sites in Vietnam to ride on the market upswing and to further capitalise on our strong reputation as a choice developer.'
The latest project is close to the Thu Thiem New Township, which has been earmarked as the new downtown to complement Ho Chi Minh City's CBD. The sales launch of the first phase is slated for early 2009.
Keppel Land's next launch is expected to be for The Estella, a residential project comprising 1,600 upmarket apartments in the An Phu Ward, Ho Chi Minh City. The soft launch is targeted for Q4 '07.
Other projects being developed in Ho Chi Minh City include Saigon Sports City, a 64-ha integrated township development, and Saigon Centre, a mixed development comprising office buildings, serviced apartments and retail component.
It is also developing two waterfront residential developments fronting the Saigon River, while in Hanoi, two memorandums of understanding have been signed with local joint venture partners to develop residential townships.
Keppel Land is also developing a 509ha waterfront township in Long Hung, Long Thanh, Dong Nai.
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