Singapore firm to develop waterfront JV in VN

Friday, Mar 04, 2016 14:58

The model of the $1.2-billion waterfront site in the Thu Thiem New Urban Area in HCM City. Singapore's Keppel Land and other three companies will develop the project. — Photo
HA NOI (Biz Hub) — Singapore's Keppel Land Limited (Keppel Land) has signed a conditional investment agreement to claim a 40 per cent stake in Empire City Limited Liability Company (Empire City), worth US$93.9 million.

The other joint-venture partners in Empire City would be Vietnamese companies Tien Phuoc Real Estate Joint Stock Company (Tien Phuoc) and Tran Thai Real Estate Co. Ltd (Tran Thai), as well as Hong Kong-based real estate private equity fund Gaw Capital Partners, Keppel Land's press release said.

These companies will jointly develop a prime $1.2-billion waterfront site in the Thu Thiem New Urban Area in HCM City.

The 14.6ha project will comprise premium residential apartments, office and retail properties as well as an 86-storey integrated mixed-use tower complex.

Chief Executive Officer of Keppel Land Ang Wee Gee said, "We are very excited to participate in the growth of the upcoming Thu Thiem New Urban Area, which is poised to become the future central business district of HCM City."

"Our planned projects will bring the best in waterfront and urban lifestyles to HCM City, as well as augment Keppel Land's quality portfolio of prime residential and commercial properties in the city," Gee said

Keppel Land, a subsidiary of Keppel Corporation Limited, is recognised for its sterling portfolio of award-winning residential developments and investment-grade commercial properties, as well as high standards of corporate governance and transparency.

In Viet Nam, Keppel Land operates 19 projects and plans about 22,000 homes in Ha Noi, HCM City, the southern Dong Nai Province and Southern Vung Tau Province. — VNS

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