The total consideration of the deal is about $16 million.
Keppel Land Limited, through its wholly-owned subsidiary, VN Prosperity Pte. Ltd., is acquiring a 60 per cent interest in Phuoc Kien Construction Investment Joint Stock Company, which holds a land parcel in Nha Be dítrict.
Upon completion of the acquisition, the related party will hold the remaining 40 per cent interest in the company. The completion of the acquisition is subject to the satisfaction of conditions precedent and is expected to take place by June 2021.
Keppel Land plans to jointly develop approximately 40 landed homes on the 1.5-hectare site, which is located adjacent to the existing Celesta residential project which the company is currently developing. The total development cost for the project, inclusive of land cost, is expected to be more than VND800 billion (approximately $35 million).
In July 2019, Keppel Land also acquired a 60 per cent interest in three land parcels spanning 6.2 hectares in Nha Be district for a total consideration of VND1,304 billion (approximately $56 million).
The partners plan to develop a total of about 2,400 premium apartments with ancillary shophouses, which will offer around 14,650 square metres of commercial space, on the sites. The total development cost for the project, inclusive of land cost, is expected to be in excess of VND7,400 billion (approximately $320 million).
Joseph Low, president of Keppel Land in Vietnam, said: “We believe that there will be strong demand for these landed homes, given their strategic location, excellent connectivity and proximity to many public amenities. Following the success of Celesta Rise, we are confident that the project will attract homebuyers seeking thoughtfully-designed and high-quality landed homes in the thriving urban precinct of Saigon South.”
The site is situated along the vibrant Nguyen Huu Tho arterial thoroughfare, which connects Saigon South to Ho Chi Minh City. Connectivity to other parts of the city will be further enhanced in future when the fourth metro line, as well as the construction of the Ben Luc - Long Thanh Expressway, are completed.
The site is near many amenities, including reputable healthcare facilities such as FV Hospital and Tam Duc Heart Hospital, as well as leading educational institutions such as the Royal Melbourne Institute of Technology (RMIT) University Vietnam, the American International School, the British Vietnamese International School and Saigon South International School.
In addition, lifestyle and entertainment offerings that are available nearby include SC VivoCity and Crescent Mall.
