Keppel unit completes 60% stake acquisition in Vietnamese firm NBRE

The acquisition will allow Keppel to develop three plots of land in Ho Chi Minh City.

Keppel Corporation, through its subsidiary Monestine, has acquired 60% of the total shares of real estate firm Nha Be Real Estate Joint Stock Company (NBRE), according to a press release.

In an earlier announcement, Keppel entered into a sale and purchase agreement to acquire a 60% stake in both NBRE and Phu Loc Real Estate Investment Joint Stock Company (PLRE) each for $76m. NBRE and PLRE own three plots of land at the Nha Be District, Ho Chi Minh City for which land use right certificates have been issued.

In partnership with Phu Long Real Estate Corporation, both firms expressed plans to develop about 2,400 premium apartments and about 14,650 sqm of commercial space on these three sites. The total development cost for the project, inclusive of land cost, is expected to be in excess of $425m.