Keppel sells Palm City development stake for $141.4m

It is expected to result in net divestment profit of around $55m for Keppel.

Keppel Ltd. has divested its entire 42% stake in South Rach Chiec City (SRC), the developer of the Palm City development in Ho Chi Minh City.

Gateway Thu Thiem Joint Stock Company (GWTT) bought the stake for about S$141.4m (VND2.61t).

The divestment, completed in March 2025, will result in a net divestment profit of approximately S$55m for Keppel.

Total proceeds include a cash consideration of S$92.1m (VND1.7b) for the 42% equity stake. Keppel said they arrived on this on a “willing-buyer, willing-seller basis.”

In connection with the divestment, Keppel has also assigned 840,000 bonds issued by SRC to GWTT for a consideration of S$49.3m (VND910t).

Palm City is a 30-hectare integrated township located in District 2 of Ho Chi Minh City. The first two residential phases, Palm Residence and Palm Heights, have been completed and handed over in 2017 and 2019 respectively. There are four remaining plots in the project - two residential plots, a mixed-use plot and a medical plot.

Keppel does not expect the transaction to have any material impact on its earnings per share and net tangible assets per share for the current financial year.

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