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Keppel Corp and Keppel Vietnam Fund to take stake in two residential projects in Ho Chi Minh City

The Edge Singapore
·2-min read

Keppel Corp and Keppel Vietnam Fund take 49% stake in 2 residential projects with Khang Dien Group in Ho Chi Minh City

Keppel Corporation BN4, together with Keppel Vietnam Fund (jointly, the Keppel Consortium), have entered into binding agreements to acquire from the Khang Dien Group a 49% interest in two adjacent residential projects in Thu Duc City, Ho Chi Minh City, Vietnam, for VND3,180 billion ($187.1 million). The Keppel Consortium and Khang Dien Group plan to jointly develop a total of more than 200 landed homes and more than 600 high-rise apartments on the two sites, which have a total land area of about 11.8 hectares.

The shareholding ratio between Keppel and KVF, one of Keppel’s private funds, in the Keppel Consortium is 50-50. The Khang Dien Group, which is an established developer
in Vietnam listed on the Ho Chi Minh Stock Exchange, will hold the remaining 51% interest. The total development cost for the projects, inclusive of land cost, is expected to be around VND10,200 billion or around $600 million. The necessary developmental approvals have already been obtained, Keppel's announcement says.

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In 2022, Keppel Land, KVF and a co-investor of KVF acquired three residential land sites in Hanoi, on which the Group will develop about 1,260 homes.

The KVF is a joint venture between Keppel Land and Keppel Capital. It had a target fund size of US$600 million with assets under management of US$1 billion when fully deployed. 

On May 3, Keppel announced the removal of its conglomerate structure, with creation of a simplified horizontally integrated model comprising Fund Management, Investment and Operating Platforms. As an alternative asset manager, Keppel announced an interim AUM target of $100 billion and a cumulative asset monetisation target of $10-$12 billion, both by end-2026. 

 

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