january 2010 - Keppel Corporation

Sustaining Growth 5
“Keppel Land was able to
leverage its reputation in
Vietnam and its strong
relationships with local
authorities and strategic
partners to secure another
large site to meet demand
for its homes and build up its
quality portfolio.
The acquisition will leverage on the strengths of the
partnership and present an excellent opportunity for
Keppel Land to further enhance our reputation as a
choice developer of high-end landed homes in Vietnam.
Mr Kevin Wong
Group CEO, Keppel Land
“There is a growing middleclass
who have become more
discerning in their choice of
residences and where they
set up their businesses. Our
new township will allow us
to tap on our experience to
masterplan and develop a
desirable live-work-and-play
environment and lifestyle for
our residents,” said Mr Ang
Wee Gee, ED and CEO
(International), Keppel Land
International.
Flemmington Investments’
42% stake in the project
amounts to US$16 million
(approximately $22.3 million)
of the total registered capital
of US$38 million
(approximately $53.2
million), while local partners
Tien Phuoc and Tran Thai
hold the remaining 38% and
20% respectively.
The waterfront township will
comprise about 4,700 homes
with a potential gross floor
area of about 1 million sm.
The first phase of the
development is expected to
be launched in 2011. keppelite
Keppel Land’s residential developments in Ho Chi Minh City, such as Riviera Cove, have been well-received by Vietnamese homebuyers
Keppelite I January 2010