Keppel Corp announces joint venture to develop projects in Vietnam

Keppel Land and its partners will jointly develop a prime 14.6-hectare waterfront site in the Thu Thiem New Urban Area, located in District 2 of Ho Chi Minh City, Vietnam. The planned development will comprise premium residential apartments, office a
Keppel Land and its partners will jointly develop a prime 14.6-hectare waterfront site in the Thu Thiem New Urban Area, located in District 2 of Ho Chi Minh City, Vietnam. The planned development will comprise premium residential apartments, office and retail properties as well as an 86-storey integrated mixed-use tower complex.PHOTO: KEPPEL CORP

SINGAPORE - Keppel Corp, through a Keppel Land unit, has entered into a conditional investment agreement and a joint venture agreement with various firms to invest in Empire City, for about US$93.9 million.

Empire City has received approval from the People's Committee of Ho Chi Minh City to lease a site for 50 years in the south of the core of Thu Thiem New Area, in the city.

The firm plans to design, construct and develop residential and mixed-use developments on the land.

Keppel Land's participation is subject to various conditions and regulatory approvals being obtained from the relevant authorities in Vietnam.

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