Keppel Land in joint venture to develop waterfront site in Vietnam

KEPPEL Land has entered into a conditional investment agreement to subscribe for 40 per cent equity interest in Empire City, for a total consideration of US$93.9 million.

Together with its partners, Keppel Land will jointly develop a 14.6-hectare waterfront site in the Thu Thiem New Urban Area, located in District 2 of Ho Chi Minh City, Vietnam.

The development will comprise premium residential apartments, office and retail properties, as well as an 86-storey integrated mixed-use tower complex.

The other joint venture partners in Empire City include Vietnamese companies Tien Phuoc Real Estate Joint Stock Company and Tran Thai Real Estate, as well as Hong Kong-based real estate private equity fund Gaw Capital Partners.