Keppel Land acquires three residential land sites in Hanoi

Keppel Land, through its wholly owned subsidiary, Keppel Land Vietnam Properties, together with Keppel Vietnam Fund (KVF) and a co-investor of KVF (jointly, the Keppel Consortium, both managed by Alpha Investment Partners, a wholly owned subsidiary of Keppel Capital), have entered into an agreement with Phu Long Real Estates Joint Stock Co. and its subsidiary, An Khanh New City Development Joint Venture Co., to acquire a 49-percent interest in three residential land plots in Mailand Hanoi City, Hoai Duc District in Hanoi for VND 2,715 billion ($120 million).

This marks the first acquisition by KVF since its first closing of $400 million.

The three sites, totaling 14.2 hectares (35.1 acres), comprise two land plots zoned for landed-housing development and one land plot for a high-rise condominium.

Once the transaction is closed by the third quarter, the Keppel Consortium and Phu Long plan to jointly develop a total of about 1,260 homes, featuring roughly 1,020 co