Keppel revives S$433.6 million Saigon Centre Phase 3 after decades-long setback

[HO CHI MINH CITY] After more than three decades since it snagged an investment licence for Vietnam’s iconic project Saigon Centre, global asset manager and operator Keppel is set to revive the third phase of its flagship mixed-use development at the heart of Ho Chi Minh City’s central business district.

For decades, 8,632 square metres of prime land in one of Vietnam’s most sought-after locations could not be developed as planned, due to delays caused by the complex process of transferring the land from several state-owned entities.

Based on the announcement of Keppel’s partial divestment of the project that was made alongside the release of its first-quarter results, Saigon Centre Phase 3 was estimated to have a S$433.6 million valuation at the time.