KEPPEL Land (KepLand) has bought more residential sites in Ho Chi Minh City to ride on the rapid growth of Vietnam’s property market.The developer announced yesterday that it has entered into two separate joint ventures with local developer An Phu to develop luxury villas and condominiums in an upmarket area of Ho Chi Minh City.
The combined investment capital for the two projects is estimated at US$213 million (S$308.5 million).
KepLand will take a 55 per cent stake in the joint-venture companies. Its partner An Phu will take the remaining share.
A 13ha villa site will yield about 200 residences, while an adjacent 6.8ha condo site will boast about 1,940 apartments when completed.
The sales launch for the first phase of the developments is slated for early 2009.
Said KepLand’s director, regional investments, Mr Ang Wee Gee: ‘Our first mover advantage and established network in Vietnam have enabled us to build a strong portfolio of prime properties rapidly.’
KepLand has fully sold out its gated waterfront villa project in the city’s District 2 called Villa Riviera.
The company is also preparing to soft launch a 1,500-unit condo project, called The Estella, in Ho Chi Minh City soon.
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