The acquisition of two projects in Ho Chi Minh City will help this group close to the target of selling 20,000 apartments in Vietnam. In the first three quarters of this year, Keppel Land has sold 1,010 apartments in Vietnam, four times more than the same period in 2016.
Singapore’s Keppel Land has announced that it has signed a conditional purchase agreement to buy 100% of its shares in two projects in Ho Chi Minh City. HCM. There is a land located in the south of the city and easy access to the central business district. These two projects can help Keppel Land build 1,550 apartments.
The total cost of the two projects is $ 297 million (about S $ 407 million).
The first project is located south of Saigon. In this project Keppel Land plans to develop about 220 houses and luxury apartments of 1,029 units. Total project development costs, including land costs, are about $ 235 million.
The second location is located in district 9, Keppel Land will develop 300 more low-rise houses with a total floor area of about 55,000sqm. The total cost of development for this 6ha site is about $ 62 million (including land costs).
Ang Wee Gee, managing director of Keppel Land, said that Vietnam’s housing demand is expected to continue to be “hot” due to young population and the rise of the middle class as well as the rapid urbanization.
“We are confident that these two projects will receive good returns from the market as HCMC currently lacks the supply of homes and apartments close to the central business district,” Gee said.
According to CBRE consultants, in the first three quarters of this year, 23,200 apartments were sold in Ho Chi Minh City. HCMC, up 2% over the same period last year; 2,300 homes sold, roughly equal to the total number of homes sold last year.
By the end of September, Keppel Land has sold 1,010 houses in Vietnam, four times the number sold in the corresponding period in 2016.
Keppel Land has a real estate portfolio in Hanoi, Ho Chi Minh City. Ho Chi Minh City, Dong Nai and Vung Tau, including grade A offices, residential areas, retail centers, integrated urban areas and serviced apartments. Palm City and Empire City are two projects are deployed in this city.
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