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Keppel Land consolidates ownership of Saigon Sports City
KEPPEL Corp on Sunday said that it has through Keppel Land's wholly owned subsidiary, Oil (Asia) Pte Ltd, acquired the remaining 10 per cent stake in Jencity Limited, which holds Saigon Sports City, for about US$11.4 million.
It bought the stake from Jenclub Limited.
Following the acquisition, Keppel Land will hold a 100 per cent interest in Saigon Sports City, thus consolidating its full ownership of the township.
Saigon Sports City is a 64 ha township that Keppel Land is developing in the prime District 2 in Ho Chi Minh City, Vietnam, in collaboration with Keppel Urban Solutions.
The acquisition was paid in cash funded by internal financial resources and set-offs for a loan and land compensation.
The total development cost for Saigon Sports City is projected to be more than US$500 million.
The integrated township will have about 4,300 premium homes, as well as a waterfront boulevard, an open public plaza and Vietnam's first one-stop lifestyle hub with facilities for sports, entertainment, shopping and dining, Keppel Corp said.
In addition, biophilic design principles will be incorporated into the development. This includes natural lighting and ventilation, a linear park, vertical greenery and picturesque water features with natural filtration, to create a green and beautiful environment.
The first phase of Saigon Sports City will feature some 90,000 sq m gross floor area of commercial space and about 1,220 homes, of which 620 units are slated for launch in the second half of this year.
Keppel Corp said that the transaction is not expected to have any material impact on its earnings per share and net tangible asset per share for the current financial year.