AFTER announcing eight new development projects in Vietnam last year, Keppel Land plans to launch one of these in the fourth quarter of this year.
In a statement released yesterday, Keppel Land said that it has been awarded the investment certificate by the Ho Chi Minh City People’s Committee for its new waterfront residential development in Vietnam.
The joint-venture project, to be developed in phases, is a 2,400-unit condominium development in District 7 fronting the Ca Cam River in Ho Chi Minh City. The first phase, comprising 700 units, is expected to be launched in the fourth quarter.
The total investment capital for the project is estimated to be US$206 million. Riviera Point, the joint-venture company undertaking the project, will have a registered capital of US$62 million. Keppel Land, through a wholly owned subsidiary, Elaenia Pte Ltd, will take a 75 per cent or US$46.5 million stake in Riviera, with Tan Truong Co Ltd taking the remaining 25 per cent.
Keppel Land International executive director and CEO Ang Wee Gee said that its earlier projects in Vietnam, like the fully sold Villa Riviera and Phase One of the 1,500-unit The Estella, have been well received.
‘With rising affluence and exposure afforded by travel overseas, Vietnamese home-buyers have become more discerning about quality and the lifestyle associated with their homes,’ he added.
The luxury condominium to be developed will sit on an 8.5-ha site. It will have recreational facilities including a clubhouse, a swimming pool and tennis courts and 24-hour security.
The news of the launch of this development comes after Keppel Land recently revealed plans for its Saigon Centre, a retail and financial complex of three towers, with its tallest tower of 88 storeys expected to be among the world’s tallest.
Keppel Land also has a pipeline of over 25,000 homes in the Vietnamese cities of Ho Chi Minh City, Hanoi and Dong Nai.
Source: Business Times 5 Mar 08