COMMERCIAL PROPERTY | Staff Reporter, Singapore

Keppel Land inks $131.6m deal for 40% stake in Empire City

It’s to develop a 14.6 ha site in Vietnam.

Keppel Land is doling out US$93.9m, or roughly $131.6m, for a 40% stake in Empire City. Along with three other partners, Keppel Land plans to develop a new site in Ho Chi Minh City (HCMC), Vietnam.

According to Keppel Land’s announcement, the company’s other joint venture partners in Empire City include Vietnamese companies Tien Phuoc Real Estate Joint Stock Company and Tran Thai Real Estate Co. Ltd, as well as Hong Kong-based real estate private equity fund Gaw Capital Partners.

Keppel Land and its partners will jointly develop a prime 14.6 ha waterfront site in the Thu Thiem New Urban Area in District 2 of HCMC. The project will comprise premium residential apartments, office and retail properties, and an 86-storey integrated mixed-use tower complex.

This deal is expected to be completed by the second quarter of 2016, and is not expected to materially impact Keppel Corporation’s net tangible assets or earnings per share in FY16.

Keppel Land also reports progress with its Saigon Centre Phase Two project in HCMC. When completed, it will comprise 40,000 sqm of premium Grade A office space, 50,000 sqm retail space, and 200 units of serviced apartments. Already, the retail mall is fully committed with Takashimaya as the anchor tenant, and is expected to open in 3Q16.

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