Keppel Land’s wholly owned subsidiary Monestine entered a deal to acquire a 60 percent interest in three land parcels in Ho Chi Minh City (HCMC) from Vietnamese developer Phu Long Real Estate for 1.30 trillion dong, or around S$76 million, the Singapore company said in a filing to SGX Thursday.
Keppel Land and Phu Long, which holds the remaining 40 percent stake, plan to develop a total of around 2,400 premium apartments with ancillary shophouses offering around 14,650 square meters of commercial space, the filing said.
The project’s total development costs is expected to be more than 7.4 trillion dong, or around S$425 million, the filing said.
The three sites span 6.2 hectares in Nha Be district, Saigon South, and are located within 400 meters of each other, the filing said.
The project will be developed in three phases, with phase one comprising around 910 apartments and some shophouses, the filing said, adding construction will begin in the first quarter of 2020 after approvals are obtained.
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