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

Construction of the project in one of Vietnam’s most sought-after addresses is set to begin in late 2026

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Jamille Tran

Published Thu, Oct 16, 2025 · 04:55 PM

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The first two phases of Saigon Centre have been operational since 1996 and 2016. PHOTO: KEPPEL
A new investment certificate, presented at the Singapore-Vietnam ministerial meeting on Oct 10, gives the Keppel project's third phase a renewed 50-year operational term until mid-2075. PHOTO: KEPPEL

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[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.

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Vietnam Asean Business Asean Property Real estate Keppel

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