Keppel Land consolidates full ownership of US$500 million Saigon Sports City

By Quynh Chi - Mar 20, 2018 | 07:49 AM GMT+7

TheLEADERKeppel 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 consolidates full ownership of US$500 million Saigon Sports City
Perspective of Saigon Sports City project

After this acquisition, Keppel Land, a subsidiary of Singapore-based Keppel Corporation, will hold 100 per cent interest in Saigon Sports City, thus consolidating its full ownership of the township.

This project was licensed in 2009; however, it was still on paper until the first quarter of last year when Keppel Land started mobilizing a large number of workers and supporting machines to level land and constructing the road to the township.

Currently, the land leveling stage has been almost finished.

According to the plan, Saigon Sports City is a 64-hectare township that Keppel Land is developing in the prime district 2 in Ho Chi Minh City, Vietnam, in collaboration with Keppel Urban Solutions (KUS).

KUS is Keppel Corporation’s new business unit established in the context of the strong development of large urban cities in Asia in order to integrate urban solutions to create sustainable, dynamic and modern communities.

With the total development cost of more than US$500 million, Saigon Sports City is envisaged to be a bustling hub, combining modern and sustainable urban living with vibrant and healthy lifestyles, which can be a model for other urban developments in Asia.

The integrated township will comprise about 4,300 premium homes and include iconic features such as a waterfront boulevard, an open public plaza and Vietnam's first one-stop lifestyle hub with comprehensive facilities for sports, entertainment, shopping and dining.

In addition, biophilic design principles will be incorporated into the development, such as natural lighting and ventilation, a linear park, vertical greenery and picturesque water features with natural filtration, to create a green and beautiful environment.

The first phase of Saigon Sports City will feature some 90,000 square meters gross floor area of commercial space and about 1,220 homes, of which 620 units are slated for launch in the second half of this year.

According to Keppel Land, the above transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation Limited for the current financial year.