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Keppel consortium acquires 49% stake in 2 residential properties in Vietnam
A 50/50 consortium of Keppel Corp. and Keppel Vietnam Fund (KVF) have entered into binding agreements to acquire a 49 percent stake in two adjacent residential projects in Thu Duc City, Ho Chi Minh City, Vietnam, from the Khang Dien Group. The investment consideration was VND 3.18 billion ($140 million).
After the transaction, The Khang Dien Group, an established developer in Vietnam, will hold the remaining 51 percent interest in the properties. The Keppel consortium and Khang Dien Group plan to jointly develop more than 200 landed homes and more than 600 high-rise apartments on the two sites, which have a total land area of about 11.8 hectares (29 acres). The total development cost for the projects is expected to be around VND10,200 billion ($430 million).
This marks the second joint investment by Keppel and KVF, after the acquisition of three residential land sites in Hanoi in 2022.