Keppel Land consolidates ownership of $500-million Saigon Sports City

10:04 | 19/03/2018
Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, Oil (Asia) Pte. Limited, has acquired the remaining 10 per cent stake in Jencity Limited from Jenclub Limited for a consideration of approximately $11.4 million.

Following the acquisition, Keppel Land will hold 100 per cent interest in Saigon Sports City, thus consolidating its full ownership of the township.

keppel land consolidates ownership of 500 million saigon sports city
Through the acquisition Keppel Land acquires 100 per cent ownership of Saigon Sports City

Saigon Sports City is a 64-hectare township that Keppel Land is developing in the prime location of District 2 in Ho Chi Minh City, in collaboration with Keppel Urban Solutions.

It is envisaged to be a bustling hub combining modern and sustainable urban living with vibrant and healthy lifestyles, which can be a model for other urban developments in Asia.

The total development cost for Saigon Sports City is projected to be more than $500 million.

The integrated township will comprise of about 4,300 premium homes and include iconic features like a waterfront boulevard, an open public plaza, and Vietnam's first one-stop lifestyle hub with comprehensive facilities for sports, entertainment, shopping, and dining.

In addition, biophilic design principles will be incorporated into the development, such as natural lighting and ventilation, a linear park, vertical greenery, and picturesque water features with natural filtration, to create a green and beautiful environment.

With 20 licensed projects across Vietnam and a pipeline of more than 20,000 homes, Keppel Land is establishing itself as the choice developer distinguished by quality and innovative lifestyle concepts.

The first phase of Saigon Sports City will feature some 90,000 square metres of gross floor area of commercial space and about 1,220 homes, 620 units of which are slated for launch in the second half of this year.

The above transaction is not expected to have a material impact on the earnings per share and net tangible assets per share of Keppel Corporation Limited in the current financial year.

Keppel Land is one of the largest foreign real estate developers in Vietnam with a diverse portfolio of properties in Hanoi, Ho Chi Minh City, Dong Nai, and Vung Tau, including Grade A offices, residential properties, retail centres, integrated townships, and award-winning serviced apartments.

With 20 licensed projects across Vietnam and a pipeline of more than 20,000 homes, Keppel Land is establishing itself as the choice developer distinguished by quality and innovative lifestyle concepts.

By Bich Ngoc

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