Keppel Land holds 100% interest in Saigon Sports City project
With US$11.4 million, Keppel Land Limited (Keppel Land) has acquired the remaining 10% stake in Jencity Limited from Jenclub Limited to hold 100% interest in Saigon Sports City project.
Keppel Land holds 100% interest in Saigon Sports City project.
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The total development cost for Saigon Sports City is projected to be more than US$500 million. The project will comprise of about 4,300 premium homes and include iconic features like a waterfront boulevard, an open public plaza, and Vietnam's first one-stop lifestyle hub with comprehensive facilities for sports, entertainment, shopping, and dining, according to the plan.
The first phase of Saigon Sports City will feature some 90,000 square metres of gross floor area of commercial space and about 1,220 homes, 620 units of which are slated for launch in the second half of this year.
The above transaction is not expected to have a material impact on the earnings per share and net tangible assets per share of Keppel Corporation Limited in the current financial year, according to Keppel Land.
Keppel Land Limited is the property arm of the Keppel Group, one of Singapore's largest multinational groups with key businesses in offshore and marine, infrastructure as well as property. The Company is geographically diversified in Asia, with Singapore, China as its core markets as well as Vietnam, and Indonesia as its growth markets.
In Vietnam, Keppel Land is one of the pioneer and largest real estate investors with a diverse portfolio of properties in Hanoi, Ho Chi Minh City, Dong Nai and Vung Tau ranging from Grade A offices, residential properties, retail centres, integrated townships and award-winning serviced apartments. With 20 licensed projects across Vietnam and a pipeline of more than 25,000 homes, Keppel Land is establishing itself as the choice developer, distinguished by quality and innovative lifestyle concepts.
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