Ha Noi (VNA) – Tien Phuoc Co and Keppel Land, a subsidiary of Singapore-based Keppel Land Limited, have been given the go ahead by the Ministry of Planning and Investment to build a 106-million USD apartment complex in An Phu ward, Ho Chi Minh City.
Keppel Land has a 55 percent stake in the project, which will add around 1,500 apartment units to the city’s booming real estate market, while local partner Tien Phuoc Co holds the remaining 45 percent.
“In line with Keppel Land’s overseas strategy to tap into the demand for quality housing in Asian cities, the company is continuing to leverage its mover advantages and build on its strong presence and portfolios in Viet Nam,” said Keppel Land managing director Kevin Wong at August 21’s licensing ceremony in Ha Noi.
“With more than 20,000 apartments in the country, we are well on track to develop and deliver high-quality homes to fulfil rising home-ownership aspirations in Viet Nam resulting from the country’s rapid growth,” he added.
The first phase of the 280,000 sq.m project is slated for completion in 2008.
Keppel Land has been active in Viet Nam for more than a decade and is one of the country’s largest real estate investors. It is involved in major property development projects in the country, including the International Centre, the Sedona Suites Royal Park in Ha Noi and the Petro Viet Nam Towers in the southern province of Ba Ria - Vung Tau.-Enditem
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