Keppel Land has entered a joint venture to develop residences in Ho Chi Minh City, Vietnam. Total investment capital for the project, which will be developed in phases, is about US$136 million ($201 million).
Keppel’s wholly owned subsidiary Corredance will take a 60-per-cent stake in the project – representing about US$24.6 million of registered capital –while local developer Hong Quang Co will subscribe for the remaining interest of about US$16.4 million.
The site – Keppel’s fifth new residential project in Vietnam this year – is expected to yield a potential gross floor area of 244,800 sq m, which will include about 1,500 apartments.— DOW JONES
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