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SINGAPORE: Keppel Land is embarking on its fifth residential project in Vietnam this year through a joint venture with Vietnam's property developer Hong Quang Ltd.
The project is worth US$136 million or S$208 million.
Keppel Land will take up a 60 percent stake in the joint venture amounting to US$25 million while Hong Quang will subscribe for the remaining interest.
The waterfront project in Ho Chi Minh City will include about 1,500 apartments.
This takes Keppel Land's portfolio to more than 20,000 homes in the country.
The 5.1-hectare site is expected to yield a potential gross floor area of 244,800 square metres.
The sales launch of the first phase is slated for early 2009.
The development will boast a range of recreational facilities, including a clubhouse, swimming pool, tennis courts and 24-hour security. - CNA/ir
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