Keppel Land has entered into two conditional sales and purchase agreements to acquire 100 percent interest in two prime sites in Ho Chi Minh City (HCMC) for a total development cost of US$297 million (S$400 million).
Located in Saigon South of HCMC, the first site will be developed into 220 landed homes as well as a 1,029-unit high-rise condominium with a gross floor area (GFA) of around 36,110 sq m and 141,540 sq m respectively.
Keppel Land expects the 13-hectare site to have a total development cost, inclusive of the land cost, of around US$235 million (S$317 million).
Meanwhile, the second site – which is situated within District 9, bordering the affluent residential enclave of District 2 – will be developed into 300 landed homes with a GFA of around 55,000 sq m. The six-hectare site will have a total development cost, inclusive of the land cost, of around US$62 million (S$83.6 million).
Keppel Land CEO Ang Wee Gee revealed that housing demand in Vietnam is expected to continue to increase, on the back of the country’s growing middle-class, young population and rising urbanisation.
“We are confident that these two developments will be well sought after, given the limited supply of upper middle-end gated landed homes and condominiums close to HCMC’s CBD,” he said.
“The two projects will add to Keppel Land’s pipeline of more than 20,000 homes in Vietnam. We will continue to leverage our experience and expertise as one of Asia’s premier property companies with a strong track record of delivering well-planned, quality and thoughtfully designed homes to meet the lifestyle aspirations of discerning homebuyers in Vietnam.”
This article was edited by Keshia Faculin.
