Keppel Corporation acquires stake in a retail property in Hanoi
Keppel Corporation acquires stake in a retail property in Hanoi
Singaporean Keppel Corporation on July 6 announced that Keppel Land Ltd., through its wholly-owned subsidiary, VN Prime Vietnam Co., Ltd., is acquiring a 65 per cent stake in a company ProjectCo, which will hold a retail property in Hanoi.
The project is part of a mixed-use commercial development, which is under construction and slated for completion in 2025.
VNPV will acquire a 65 per cent interest in the ProjectCo for an aggregate consideration of approximately $51.2 million.
This will be payable in cash in two tranches. Binh Minh Investment and Trading Development JSC will hold the remaining 35 per cent interest in the ProjectCo.
Keppel Corporation is a dynamic foreign real estate developer in Vietnam. Among the projects that Keppel Corp invests in, the most renowned is the five-phase Saigon Center complex located in the heart of District 1 in Ho Chi Minh City.
In addition, other projects include Estella JV, Riviera Point, Saigon Sports City, Empire City, and Vietcombank 198 building Tran Quang Khai in Hanoi.
In addition to projects, the Singapore company also invests in shares of Vietnamese real estate development companies such as Nam Long and Nam Rach Chiec Company.
As of the end of 2022, Keppel Land's asset portfolio was worth approximately $12.3 billion. In which, the contribution from Vietnam was 12.4 per cent, equivalent to more than $1.5 billion, according to the Keppel Corporation annual report.
A few days ago, Keppel Corporation, Ngee Ann Polytechnic, and Vietnam National Innovation Centre signed a non-binding MOU to collaborate on the creation of talent development programmes for tertiary students from Singapore and startups from the NIC.
They include internships and entrepreneurial events to be conducted at Keppel’s overseas offices, starting with Vietnam, as well as innovation, entrepreneurship and startup-related programmes.
