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Tuesday, July 23, 2024

Keppel Land to buy into real estate company

The Saigon Times

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HCMC – Singapore’s Keppel Corporation Limited has announced that its urban development arm Keppel Land Limited (Keppel Land) plans to invest VND1,230 billion in acquiring a majority stake in a real estate company that has a commercial center in Hanoi.

Through its wholly-owned subsidiary, VN Prime Vietnam Co., Ltd, Keppel Land will buy a 65% stake in the company responsible for the retail property located in the capital city. The remaining 35% interest will be held by Binh Minh Investment and Trading Development Joint Stock Company.

The project is part of a mixed-use commercial development currently under construction, with completion scheduled for 2025. Keppel Land will make a cash payment in two tranches, totaling VND1,230 billion, or S$70 million, as consideration for the share acquisition.

In addition to this recent acquisition, Keppel Land also acquired a 49% stake in two adjacent residential projects in HCMC from Vietnamese property developer Khang Dien in late May.

Established in Singapore and with a presence in Vietnam since the early 1990s, Keppel Land has become one of the leading foreign property developers in Vietnam. The company has undertaken renowned projects such as Estella Heights, Celesta Rise, and Empire City, including Saigon Center located at the city center.

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