Keppel Land announced on February 10 that it has signed a Memorandum of Understanding (MOU) with Vietnam-based real estate company Khang Dien Group to collaborate on the development of residential projects and sustainable urban developments in Ho Chi Minh City. Having invested US$3.5 billion in Vietnam since the early 90s, Keppel Land’s projects in Ho Chi Minh City include Estella Heights, Celesta Rise and Saigon Centre amongst others.
Louis Lim, CEO of Keppel Land commented, “We are pleased to collaborate with the Khang Dien Group as this allows us to further expand our presence in Vietnam which we see as a key market with long-term growth potential.”
This MOU is non-binding and is not expected to have any material impact on the earnings per share and net tangible assets per share of Keppel Corp for the financial year.
With this MOU, Keppel Land further advances in their commitment for the sustainable development of Vietnam. Recently, Keppel Land entered into a joint venture with Vietnamese developer Phu Long for a new Champions Way Condo landed housing project in Ho Chi Minh City.
In addition, Singapore has been ranked as the second preferred city for Asia Pacific investors as they eye more assets in the region. Hong Kong, however, has fallen off the radar as a popular destination for global real estate investors.