Keppel Land, via its fully-owned unit Monestine, has partnered Vietnamese developer Phu Long Real Estate Corporation to acquire a 60 percent interest in three plots of land in Ho Chi Minh City, Vietnam for VND1,304 billion (S$76 million).
With a total area of 6.2 hectares, the three sites within the Nha Be district are within 400 metres of each other.
The sites are near various public amenities, including reputable healthcare facilities such as Tam Duc Heart Hospital and FV Hospital, as well as educational institutions like the Royal Melbourne Institute of Technology (HCMC campus), Ton Duc Thang University and the Saigon South International School. Nearby lifestyle and recreation offerings include, Crescent Mall, Saigon South Golf Course and SC VivoCity.
The partners intend to develop the sites into 2,400 premium apartment units with ancillary shophouses, offering about 14,650 sq m of commercial space. Inclusive of land cost, the project’s total development cost is expected to exceed VND7,400 billion (S$425 million).
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The project will be developed in three phases, with development works for Phase One – which will feature 910 apartment units and some shophouses – starting in Q1 2020.
“We are confident that our residential developments will be well-received by discerning homebuyers seeking well-located and high-quality homes in the Southern corridor of HCMC,” said Linson Lim, president (Vietnam) at Keppel Land.
“This acquisition will add to Keppel Land’s pipeline of about 20,000 homes and quality commercial portfolio in Vietnam.”
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org