KepLand secures option to develop residential site in Vietnam

Property developer Keppel Land has secured an option to develop a residential site in Vietnam’s Ho Chi Minh City.

The project is estimated to cost US$390 million.

Keppel Land signed the agreement through its wholly-owned subsidiary Earlsbay Investments.

Under the deal, the Singapore developer will hold a 60 percent stake, while local property developer Hong Quang takes on the remaining interest.

The project is expected to be launched next year and is targeted at the upper middle market.

The development is expected to yield 1,500 luxury apartments.

Keppel Land is one of the largest real estate investors in Vietnam.

Its portfolio there ranges from office developments and residential properties to serviced apartments. – CNA/ms

Source : Channel NewsAsia – 21 Apr 2008

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