>

>

Keppel Corp and Keppel Vietnam Fund to take stake in two residential projects near Ho Chi Minh City

By The Edge Singapore

/ The Edge Singapore |

May 26, 2023 2:37 PM SGT

Keppel Corp and Keppel Vietnam Fund take 49% stake in 2 residential projects with Khang Dien Group in Ho Chi Minh City.

SINGAPORE (EDGEPROP) - Keppel Corporation, together with Keppel Vietnam Fund (jointly, the Keppel Consortium), have entered into binding agreements to acquire from the Khang Dien Group a 49% interest in two adjacent residential projects in Thu Duc City, Ho Chi Minh City, Vietnam, for VND3,180 billion ($187.1 million). The Keppel Consortium and Khang Dien Group plan to jointly develop a total of more than 200 landed homes and more than 600 high-rise apartments on the two sites, which have a total land area of about 11.8 hectares.

The shareholding ratio between Keppel and KVF, one of Keppel’s private funds, in the Keppel Consortium is 50-50. The Khang Dien Group, which is an established developer in Vietnam listed on the Ho Chi Minh Stock Exchange, will hold the remaining 51% interest. The total development cost for the projects, inclusive of land cost, is expected to be around VND10,200 billion or around $600 million. The necessary developmental approvals have already been obtained, Keppel's announcement says.

In 2022, Keppel Land, KVF and a co-investor of KVF acquired three residential land sites in Hanoi, on which the Group will develop about 1,260 homes.

The KVF is a joint venture between Keppel Land and Keppel Capital. It had a target fund size of US$600 million with assets under management of US$1 billion when fully deployed.

On May 3, Keppel announced the removal of its conglomerate structure, with creation of a simplified horizontally integrated model comprising Fund Management, Investment and Operating Platforms. As an alternative asset manager, Keppel announced an interim AUM target of $100 billion and a cumulative asset monetisation target of $10-$12 billion, both by end-2026.

This article first appeared on The Edge Singapore.

Tags:

Keppel Corp Keppel Vietnam Fund Ho Chi Minh City

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Emerald of Katong hits 99% sales at launch, averaging $2,621 psf

2

Kingsford sells 76% of Chuan Park units at an average price of $2,579 psf

3

Is it a Good Deal?: $1.03 million for a four-room HDB flat in District 10

4

Sim Lian Group’s Emerald of Katong: Will it be another top-seller?

5

CDL sells 20% of Union Square Residences at an average price of $3,200 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00