Keppel Corp announces joint venture to develop projects in Vietnam
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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
Rachael Boon
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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.
rachaelb@sph.com.sg
