Keppel unit to develop landed housing project in Ho Chi Minh City district

Published Sun, May 30, 2021 · 04:16 PM

A UNIT of Keppel Land is buying 60 per cent of Phuoc Kien Construction Investment Joint Stock Company for about S$21.6 million.

This will allow Keppel's unit - VN Prosperity - to jointly develop a landed housing project in the Nha Be District of Ho Chi Minh City, Vietnam.

Phuoc Kien Construction Investment Joint Stock Company, which is incorporated in Vietnam, owns a plot of land in the district, for which land use right certificates have been issued.

It has obtained approval for the master plan of the site on the scale of 1:500, for the development of landed housing. It is in the process of obtaining approvals from the relevant authorities for the project, Keppel Corporation said in a regulatory filing on Sunday.

Keppel's VN Prosperity bought the shares from Ly Hoang Long and Nguyen Hoai Bao - both citizens and residents of Vietnam - and who are represented by Phu Long Real Estate Joint Stock Company. VN Prosperity has also agreed with Phu Long in relation to their respective shareholding in Phuoc Kien Construction Investment Joint Stock Company and the joint development of the housing project.

Once the acquisition is completed, Phu Long and its related party will hold the remaining 40 per cent of the total shares in Phuoc Kien Construction Investment Joint Stock Company.