Menas Group has entered a strategic partnership with Keppel to co-develop an integrated ecosystem of lifestyle services across Keppel’s real estate projects in Vietnam, beginning with the landmark Celesta City development in Saigon South.
The total consideration of the deal is about $16 million.
Keppel Capital Holdings in collaboration with Keppel Land Limited has launched a Vietnam-focused real estate fund with a target fund size of $600 million.
The Keppel Group held the groundbreaking ceremony this morning for Saigon Sports City, a 64-hectare site which will be developed into a smart, integrated township in the prime District 2 of Ho Chi Minh City.
This is the first deal the established Vietnamese developer has inked with a foreign partner although it has developed a number of quality residential projects.
Keppel Land is committed to furthering its investments in the southern commercial hub, paying attention to its smart property development.
After SonKim Land was selected for the developer of the Metropole Thu Thiem project in early this month, Keppel Land has sold two thirds of its shares in Quoc Loc Phat Joint Stock Company to recoup investment.
The major shareholder of Quoc Loc Phat Company, which is the owner of Song Viet complex in Thu Thiem urban area, HoChiMinh city has recently transferred most of the shares to another investor.
Keppel Land, through its wholly-owned subsidiary Oil (Asia) Pte, has acquired the remaining 10 per cent stake in Jencity, which holds Saigon Sports City, from Jenclub for a deal value of approximately US$11.4 million.
Keppel Land Limited (Keppel Land) has entered into two conditional sales and purchase agreements to acquire 100 per cent interest in two prime sites in Ho Chi Minh City (HCMC) and the total development cost of the two sites amounts to US$297 million.
