KepLand to develop a waterfront residential township in Vietnam

Keppel Land, one of the premier property developers in Asia, said that it has acquired a third township site in the popular District 2 of Ho Chi Minh City in Vietnam.

Through Flemmington Investments, KepLand’s wholly-owned subsidiary, this acquisition is a joint venture between Keppel Land and two Vietnamese developers.

Flemmington will be working with Tran Thai and Tien Phuoc to develop a waterfront residential township.

In this joint venture, Flemmington will hold a 42 percent share in this project worth $53.2 million. Tran Thai will take a 20 percent stake, while Tien Phuoc will have a 38 percent interest.

This waterfront project will be developed in phases, where the developers will build and transfer a social housing project comprising of 1,800 apartments to the city. In return, they will get a 30-hectare cleared site.

According to Keppel Land, the transaction is not likely to create a substantial impact on its earnings for the current fiscal year ending in December 2010.