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RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Keppel completes ownership of Saigon Sports City for $15.1m

It is targeting to launch 620 units in the development by H2 2018.

Keppel Land, through its wholly-owned subsidiary, Oil (Asia) Pte. Limited, bought the remaining 10% stake in Jencity Limited, which holds Saigon Sports City for a price of $15.1m (US$11.4m).

According to a statement, Saigon Sports City is a 64-hectare township that Keppel Land is developing in the prime District 2 in Ho Chi Minh City, Vietnam, in collaboration with Keppel Urban Solutions. “It is envisaged to be a bustling hub, combining modern and sustainable urban living with vibrant and healthy lifestyles, which can be a model for other urban developments in Asia. The total development cost for Saigon Sports City is projected to be more than $700m (US$500m),” Keppel said.

The company also noted that the integrated township will comprise about 4,300 premium homes and include features such as a waterfront boulevard, an open public plaza and a one-stop lifestyle hub with comprehensive facilities for sports, entertainment, shopping and dining. “In addition, biophilic design principles will be incorporated into the development, such as natural lighting and ventilation, a linear park, vertical greenery and picturesque water features with natural filtration, to create a green and beautiful environment,” it added.

The first phase of Saigon Sports City will feature some 90,000 sqm gross floor area of commercial space and about 1,220 homes, of which 620 units are slated for launch in the second half of this year.

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