Kiva Dang 11/07/2019

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Keppel Land and Phu Long to develop three residential sites in Saigon South, Ho Chi Minh City

Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, Monestine Pte. Ltd., has entered into a conditional share purchase agreement with established Vietnamese developer, Phu Long Real Estate Corporation (Phu Long), to acquire a 60% interest in three land parcels spanning 6.2 hectares in Nha Be district, Saigon South, Ho Chi Minh City (HCMC), Vietnam, for a total consideration of VND1,304 billion (approximately S$76 million).

The three sites are situated within 400 metres of each other, along the Nguyen Huu Tho arterial thoroughfare, and are just a 25-minute drive from the HCMC central business district.

The partners plan to develop a total of about 2,400 premium apartments with ancillary shophouses, which will offer around 14,650 sm of commercial space, on the sites. The total development cost for the project, inclusive of land cost, is expected to be in excess of VND 7,400 billion (approximately S$425 million).

Mr Linson Lim, President (Vietnam), Keppel Land, said, "We are happy to collaborate with a reputable partner like Phu Long on these new residential developments which will further contribute to the vibrancy of the thriving urban precinct of Saigon South.

"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. This acquisition will add to Keppel Land's pipeline of about 20,000 homes and quality commercial portfolio in Vietnam."

Mr Phung Chu Cuong, CEO of Phu Long Corporation, said, "Being a real estate corporation with international sustainable development standards, Phu Long always appreciates the collaboration with the top global partners to maximise both partners' strengths in technology, management capability and corporate governance. The agreement signed between Phu Long and Keppel Land marks a great start for our strategic cooperation, which will help build more timeless construction projects and contribute to Vietnam's modern urban development."

The project will be developed in three phases. The development of Phase One, comprising about 910 apartments and some shophouses, will commence in the first quarter of 2020, after the relevant approvals have been obtained.

The acquired sites are also near many public amenities, which include reputable healthcare facilities such as FV Hospital and Tam Duc Heart Hospital, as well as leading educational institutions such as the Saigon South International School, the Royal Melbourne Institute of Technology (HCMC campus) and Ton Duc Thang University. In addition, lifestyle and recreation offerings that are available nearby include SC VivoCity, Crescent Mall and Saigon South Golf Course.

The abovementioned transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation Limited for the current financial year.


Source: Keppel Land
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  • Kiva Dang

    [Keppel Land and Phu Long strengthen collaboration with landed housing project in Saigon South, Ho Chi Minh City]

    Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, VN Prosperity Pte. Ltd., is acquiring a 60% interest in Phuoc Kien Construction Investment Joint Stock Company, which holds a land parcel in Nha Be district, Saigon South, Ho Chi Minh City (HCMC), from Phu Long Real Estate Joint Stock Company (Phu Long), for a total consideration of VND367.5 billion (approximately S$21.6 million). Upon completion of the acquisition, Phu Long and its related party will hold the remaining 40% interest in the company. The completion of the acquisition is subject to the satisfaction of conditions precedent and is expected to take place by June 2021.

    Keppel Land and Phu Long plan to jointly develop approximately 40 landed homes on the 1.5-hectare site, which is located adjacent to the existing Celesta residential project which Keppel Land and Phu Long are currently jointly developing. The total development cost for the project, inclusive of land cost, is expected to be in excess of VND 800 billion (approximately S$47.1 million). 

    Mr Joseph Low, President (Vietnam), Keppel Land, said, “We are excited to strengthen our strategic partnership with Phu Long, an established developer in Vietnam, for this upcoming residential development. We believe that there will be strong demand for these landed homes, given their strategic location, excellent connectivity and proximity to many public amenities. Following the success of Celesta Rise, we are confident that the project will attract homebuyers seeking thoughtfully-designed and high-quality landed homes in the thriving urban precinct of Saigon South.”

    The site is situated along the vibrant Nguyen Huu Tho arterial thoroughfare, which connects Saigon South to HCMC’s CBD. Connectivity to other parts of HCMC will be further enhanced in future when the city’s fourth metro line, as well as the construction of the Ben Luc-Long Thanh Expressway, are completed.

    The site is near many amenities, including reputable healthcare facilities such as FV Hospital and Tam Duc Heart Hospital, as well as leading educational institutions such as the Royal Melbourne Institute of Technology (RMIT) University Vietnam, the American International School, the British Vietnamese International School and Saigon South International School. In addition, lifestyle and entertainment offerings that are available nearby include SC VivoCity and Crescent Mall. 

    The abovementioned transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation Limited for the current financial year.

    Source: Keppel Land
  • Kiva Dang

    [Tiền nhiều như thế này thì còn thâu tóm thêm nhiều quỹ đất nữa ở Saigon & Hanoi. Anh nào muốn bán dự án lớn hay nhỏ cứ đưa đây :D]

    Keppel achieves first closing of US$400 million for its inaugural Vietnam-focused real estate fund

    Keppel Capital Holdings Pte. Ltd. (Keppel Capital)[1], in collaboration with Keppel Land Limited (Keppel Land), has launched the Keppel Vietnam Fund (the Fund), a Vietnam-focused real estate fund with a target fund size of US$600 million. The Fund has achieved its first closing of US$400 million, including co-investment commitment from a global institutional investor.

    Leveraging Keppel Land’s strong track record in Vietnam, the Fund seeks to invest alongside Keppel Land in real estate projects, including residential developments, commercial properties as well as mixed-use projects and townships in Vietnam, with a focus on Ho Chi Minh City and Hanoi. Alpha Investment Partners Limited, the private fund management arm of Keppel Capital, will be the fund manager, while Keppel Land will be the development and property manager of the properties in the Fund. When fully leveraged and invested, the Fund will potentially have assets under management of approximately US$1 billion.

    The launch of the Fund is in line with Keppel’s Vision 2030, which seeks to propel Keppel’s growth as one integrated business and a powerhouse of solutions for sustainable urbanisation, with an asset management arm to fund the Group’s growth and provide a platform for capital recycling. Through a OneKeppel approach that harnesses the synergies of Keppel Capital and Keppel Land, the Group can create value for stakeholders at different stages of the value chain, and in the process, capture new profit pools that might not be available to individual business entities.

    Source: Keppel Land
  • Kiva Dang

    Bán 1 đợt 3 toà sold out rồi. Giá cao hơn 20% so với giá Mr Property dự kiến :D
  • Mr Property

    Thấy trên mạng pr Celesta Rise 2,400 căn giá tầm 45tr/m2
    Keppel có khác
    Giá cao ghê :D
  • P

    anh phan

    3 plot đang làm hàng rào, đến tết là hoàn thành, qua năm sẽ triển khai tiếp

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