SINGAPORE - Keppel Corp's property unit, Keppel Land, has pumped in VND 845.9 billion (approximately S$53.5 million) to raise its stake in Saigon Centre in Ho Chi Minh City, Vietnam.

Saigon Centre is owned by joint venture entities Keppel Land WATCO I to V.

Following this new investment, Keppel Land has increased its stake in the joint venture companies Keppel Land WATCO I, II and III from approximately 45.3 per cent to 53.5 per cent, and from 68 per cent to 76.2 per cent for Keppel Land WATCO IV and V.

Saigon Centre is located on a two-hectare prime site in the heart of the central business district and is being developed in several phases.

Phase One was completed in 1996 and comprises a three-storey retail podium, 11 floors of Grade A office space and 89 luxury serviced apartments. Tenants in the office tower include DBS Bank, AIG, Reuters and Mitsubishi Corporation.

Phase Two will comprise 44,000 sq m of premium Grade A office space, 55,000 sq m of retail and 195 luxury serviced apartment units when completed. The retail mall is 100 per cent committed with over 400 international and local brands, including leading Japanese department store, Takashimaya, as the anchor tenant.

"Keppel Land is committed to grow its commercial portfolio in key Asian cities. Vietnam, one of our key growth markets, continues to attract foreign direct investments which will drive positive demand in the property market from homes to offices and mixed-use developments," said Mr Ang Wee Gee, the chief executive of Keppel Land.