Keppel Land Limited has obtained masterplan approval for its integrated waterfront residential development site in Ho Chi Minh City (HCMC), Vietnam.
The company, through its wholly-owned subsidiary Flemmington Investments Ltd, together with joint venture (JV) partners, Tran Thai Co, Ltd (Tran Thai) and Tien Phuoc Co, Ltd (Tien Phuoc), will develop a 30 ha prime site in South Rach Chiec, District 2 of HCMC into a waterfront project comprising 6,430 residential units supported by commercial, retail, educational and medical facilities. It will have a total gross floor area (GFA) of approximately one million sq m.
“Growing with Vietnam in these past two decades, we are privileged to participate in and contribute to its urban renewal and setting benchmarks in the country with quality live-work-play environments designed and built in our developments,” said Linson Lim, President of Keppel Land International Ltd for Vietnam, Thailand and the Philippines.
“We are building on our experience and Keppel Land’s good reputation for quality homes amongst local homebuyers and are confident that this integrated waterfront residential development in South Rach Chiec will be received positively.”
The project will be developed in phases, with the first phase comprising 1,500 waterfront apartment units to be launched in 2012. Keppel Land said the development site has more than two km of combined river frontage, including the Giong Ong To and Muong Kinh rivers. Upon completion of the Thu Thiem Tunnel and East-West Highway this year and the upcoming HCMC-Long Thanh Expressway, travelling time to the central business district (CBD) will be less than 15 minutes.
In exchange for the 30 ha site, Keppel Land and its JV partners handed over 500 residential units to the HCMC People’s Committee under a public-private initiative to build a resettlement housing project in a different location in the An Phu-Binh Khanh Ward in District 2. The remaining 1,300 units will be delivered over the next two years.
“Keppel Land is committed to nurturing communities wherever it operates. We are privileged to be able to participate in this meaningful collaboration between the public and private sectors to enhance the quality of life in District 2,” said Mr. Lim.
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