CapitaLand, Keppel Land invest US$218m in Vietnam

Two Singapore property companies CapitaLand and Keppel Land are investing some US$218 million in the real estate market in Vietnam.

CapitaLand signed a joint venture agreement with Vietnamese partner No Va Land Investment Group to develop a 9,000 square metre residential site, worth US$40 million in Ho Chi Minh City.

Keppel Land signed two joint venture agreements.

The first is to jointly develop a 9.8 hectare gated villa development worth US$63 million, in Ho Chi Minh City.

Its Vietnamese partner is Hung Phu Real Estate Investment.

The second is to jointly develop a 13.5 hectare gated villa development worth US$115 million, in the city with Vietnamese partner Tien Phuoc.

The signing of the venture agreements was witnessed on Thursday by Singapore’s Prime Minister Lee Hsien Loong and his Vietnamese counterpart Nguyen Tan Dung, on the sidelines of the ASEAN Summit in Hanoi.

Source : Channel NewsAsia – 28 Oct 2010

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