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.
Merger and acquisition (M&A) activities might potentially occur at slower pace and lower frequencies in the remaining two quarters of 2019 as a result of the scarcity in clean and clear projects readily available to invest.
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.
Vietnam continues attracting investment interest, and Ho Chi Minh City stands out on investors’ lists, guaranteeing best positions for investment and development prospects in Asia Pacific, according to statistics of major property deals just announced by Savills Vietnam.
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.
