Keppel Land, through its wholly-owned subsidiary Monestine Pte Ltd, has embarked on a joint venture with Vietnamese developer Phu Long Real Estate Corp to develop a new residential development in Ho Chi Minh City (HCMC), Vietnam.

Keppel Land has entered into a conditional share purchase agreement with Phu Long to acquire a 60% interest in three land parcels spanning 6.2 hectares for the development, for a total consideration of VND 1,304 billion ($76 million).

The land parcels are in the Nha Be district in Saigon South, along the Nguyen Huu Tho arterial thoroughfare. The location is a 25-minute drive to the CBD in HCMC.

The residential development will comprise about 2,400 premium apartments as well as ancillary shophouses with 157,691 sq ft of commercial space. The project will be developed in three phases. The development of the first phase will comprise about 910 apartments and some shophouses, and is expected to start in 1Q2020.

The total development cost of the project, including land cost, is expected to be more than VND 7,400 billion.

The sites are near healthcare facilities like FV Hospital and Tam Duc Heart Hospital, and educational institutions like Saigon South International School, the Royal Melbourne Institute of Technology (HCMC campus) and Ton Duc Thang University. Nearby recreational offerings include SC VivoCity, Crescent Mall and Saigon South Golf Course.

“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,” says Linson Lim, president (Vietnam) of Keppel Land.

The latest acquisition will add to Keppel Land’s peline of about 20,000 homes and commercial portfolio in Vietnam.