Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, KLL Strategic Holdings Pte Ltd (KLLSH), today signed a joint venture agreement with Vietnamese partner Tien Phuoc Co., Ltd (Tien Phuoc) to develop a 11-ha waterfront residential site for 175 villas fronting the Saigon River in Ho Chi Minh City (HCMC).

Witnessed by Singapore’s Prime Minister Lee Hsien Loong and Vietnam’s Prime Minister Nguyen Tan Dung in a ceremony held in Hanoi, the JVA was signed by Kevin Wong, group ceo of Keppel Land and Mr Nguyen Thanh Lap, chairman of Tien Phuoc.

This is the third project between Keppel Land and Tien Phuoc. The two other projects are located in District 2 – The Estella, a prime 1,393-unit condominium development and a 30-ha waterfront residential township (developed together with another Vietnamese partner, Tran Thai Co., Ltd).

To date, the company has a pipeline of more than 20,000 homes, two office buildings and serviced apartments in Vietnam with a total investment capital of almost US$4.7 billion.

Kevin Wong said: “As a pioneer foreign developer in Vietnam, Keppel Land has introduced and set standards in sustainable developments with desirable live-work-play environments. We target to achieve a minimum of Singapore’s Building and Construction Authority’s (BCA) Green Mark Gold Standard in our developments.

“The acquisition will leverage on the strengths of the partnership and present an excellent opportunity for Keppel Land to further enhance our reputation as a choice developer of high-end landed homes in Vietnam.”

Upon the issuance of investment certificate and relevant government approvals, KLLSH will take up 60 per cent stake amounting to US$16.2 million (approximately S$22.7 million) of the total registered capital of US$27.0 million (approximately S$37.8 million) in the JV company while Tien Phuoc will subscribe for the remaining interest.

The villa development is also Keppel Land’s third landed waterfront property in HCMC. The other two properties include Villa Riviera, located in District 2 and Riviera Cove, in District 9.