Keppel Land acquires third township site in Ho Chi Minh City

Property developer Keppel Land said it has acquired a third township site in Vietnam’s Ho Chi Minh City.

Through its wholly-owned subsidiary, Flemmington Investments, Keppel Land has entered into a joint venture with two Vietnamese developers.

Flemmington will work with Tien Phuoc and Tran Thai to develop a waterfront residential township in Ho Chi Minh’s popular District 2.

Under the joint venture, Flemmington will hold a 42 per cent stake in the S$53.2 million project.

Tien Phuoc will take a 38 per cent interest, while Tran Thai will have a 20 per cent stake.

The project will be developed in phases, where the joint venture partners will build and transfer to the city a social housing project of some 1,800 apartments.

In return, the developers will get a 30-hectare cleared site.

Keppel Land said the transaction is not expected to have any significant impact on its earnings for the current financial year ending in December 2010.

Source : Channel NewsAsia – 7 Jan 2010

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