Source : The Strait Times, 02 October 2007
PROPERTY developer Keppel Land (KepLand) is joining forces with a Vietnamese company to build a US$136 million ($202.8 million) luxury waterfront residence in Ho Chi Minh City.
The company announced yesterday that its wholly owned subsidiary Corredance will take a 60 per cent stake in a joint-venture firm developing the 51,000 sq m site near the city's District 2.
Local firm Hong Quang will own 40 per cent.
The as-yet-unnamed project, the fifth Vietnamese residential development by KepLand this year, is expected to yield a gross floor area of nearly 250,000 sq m.
Facilities include swimming pools, tennis courts, a clubhouse and round-the-clock security.
Another attraction will be its access to the city centre, via the East-West Highway and Saigon River Tunnel, both of which are expected to be completed in 2009 - the same year units in the 1,500-unit complex will be on sale.
KepLand director Ang Wee Gee said there was pent-up demand for middle to high-end residences like the ones it was building.
The company has built more than 20,000 homes since it entered the Vietnam property market more than a decade ago and will 'continue to be on the lookout for more prime residential sites in Vietnam to ride on the market upswing', added Mr Ang.
According to estimates by the Asian Development Bank, Vietnam's economy will grow by 8.3 per cent this year and 8.5 per cent next year.
Property prices are also on the rise. High-end homes in Hanoi average US$177 per sq ft (psf) and US$270 psf in Ho Chi Minh City, the country's business hub.
A Ho Chi Minh City condominium, The Lancaster, was resold at a record price of US$465 psf recently. It was launched at US$185 psf just three years ago.
KepLand shares rose 10 cents to $8.40 yesterday.
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