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Keppel Land, via its fully-owned subsidiary Oil (Asia), has consolidated its full ownership of Saigon Sports City (pictured) by acquiring the remaining 10 percent stake in Jencity Limited, which holds the 64ha township, for US$11.4 million (S$15 million).
The remaining stake was acquired from Jenclub Limited.
With an estimated total development cost of around US$500 million, the integrated township is being developed by Keppel Land in prime District 2 of Ho Chi Minh City, Vietnam, in collaboration with Keppel Urban Solutions.
The development will feature about 4,300 premium homes as well as an open public plaza, a waterfront boulevard and the first one-stop lifestyle hub in Vietnam with facilities for dining, sports, shopping and entertainment.
In a statement, Keppel Land revealed that biophilic design principles will also be incorporated into the project, such as “natural lighting and ventilation, a linear park, vertical greenery and picturesque water features with natural filtration, to create a green and beautiful environment”.
The first phase of Saigon Sports City will boast some 90,000 sq m gross floor area of commercial space and around 1,220 housing units, of which 620 are set to launch in the second half of 2018.
Keppel Land does not expect the transaction to materially affect Keppel Corporation’s earnings per share and net tangible asset per share for the current financial year.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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