Keppel Land buys two residential sites in HCMC

By Angela Teo / EdgeProp | December 19, 2017 9:42 AM SGT
Keppel Land, the property arm of Singapore-listed conglomerate Keppel Corporation, announced on Dec 18 that it is acquiring two residential sites in Ho Chi Minh City (HCMC). According to Keppel Land, the two sites will have a total development cost of $297 million ($407 million), and yield a combined 1,550 residential units.
Located in Saigon South, the first site will house 220 landed homes spanning a gross floor area (GFA) of approximately 36,110 sq m, as well as a 1,029-unit high-rise condominium with a GFA of about 141,540 sq m. The 13ha site, which is easily accessible from the city’s CBD, will have a total development cost of about US$235 million, including land cost, says Keppel Land.
The second site, which is located at District 9, will have 300 landed houses, with a combined GFA of about 55,000 sq m. The total development cost for the second site, including land cost, is projected to be about US$235 million, says Keppel Land.
According to Keppel Land, the 1,550 units from these two projects at HCMC will add to its existing pipeline of more than 20,000 units in Vietnam. The developer says it sold a total of 1,010 homes in Vietnam in 9M2017, a fourfold increase y-o-y.