Keppel Land Limited, through its wholly-owned subsidiary Antiaris Ltd., has entered into a joint venture with local property developer Tien Phuoc Company Limited for the development of a 13.5ha waterfront project in Ho Chi Minh City, Vietnam.
The gated development, which will comprise 225 villas, will have 24-hour security and will feature recreational facilities including a club house, swimming pool, gymnasium, children’s playground and a tennis court.
This will be the fourth partnership between Keppel Land and Tien Phuoc. Both Tien Phuoc and Antiaris will have equal shares of the total development cost of approximately US$115 million.
Keppel Land also signed an agreement with Hung Phu Real Estate Corporation, through Belwynn Pte. Ltd. to develop a 9.8ha site into a gated villa development along Rach Chiec River.
The proposed development, which is projected to provide 150 premier homes, will be the company’s second deluxe villa residential development in Ho Chi Minh City.
This is the second collaboration between Keppel Land and Hung Phu. Under the deal, Belwynn will take up a 60 percent stake of the US$65 million total development cost, with Hung Phu subscribing for the remaining interest.
Both villa developments will likely launch their first phases in the fourth quarter of next year.
“The sell-out success of Keppel Land’s first residential development in Ho Chi Minh City, Villa Riviera, as well as the strong response to Riviera Cove, which is almost sold out, demonstrate that prime villa developments are highly sought after,” said Mr. Kevin Wong, group CEO of Keppel Land.
“Keppel Land will continue to leverage our strong relationships and track record in delivering quality homes offering integrated lifestyle concept to further build up its reputation of being the choice developer in Vietnam,” added Mr. Wong.
These new developments, which are targeted at the upper-middle to high-income segment, will be the company’s fourth and fifth waterfront properties in the city.