<article>SingHaiyi Group is divesting the second phase of Vietnam Town in California for $95.3 million. Meanwhile, Keppel Land has entered into an agreement to acquire two prime sites in Ho Chi Minh city.</article>

SingHaiyi Group is divesting the second phase of Vietnam Town in California for $95.3 million. Meanwhile, Keppel Land has entered into an agreement to acquire two prime sites in Ho Chi Minh city.
<h3>SingHaiyi sells US realty project for $95.3m</h3>
SGX Mainboard-listed real estate company <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=SingHaiyi+Group+">SingHaiyi Group</a> has entered into a purchase and sale agreement and initial escrow instructions for the bulk sale of its entire Vietnam Town Phase II units in San Jose, California for $95.3 million.
Vietnam Town is SingHaiyi’s second real estate venture in the US market. The project comprises nine blocks of commercial condominium units and a four-storey parking structure.
Under the terms of the agreement, a non-refundable deposit of $7.5 million will be paid out in five tranches and held in escrow until conclusion of the agreement. The balance of the consideration amounting to $87.8 million will be paid out on or before each close of escrow.
“This bulk sale is a testament to the immense potential of Vietnam Town as one of the preeminent commercial projects in San Jose, California. Vietnam Town Phase II is well on track for completion and we expect to begin delivery of the first block in the second quarter of 2018,” said SingHaiyi’s group managing director Celine Tang.
Subject to the completion taking place on or before September 30, 2018, the disposal of Vietnam Town Phase II units is expected to have a positive impact on the company’s net tangible assets per share or earnings per share for the financial year ending Mar 31, 2019.
<h3>Keppel Land acquiring two developments in VN</h3>
Property firm <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Keppel+Land">Keppel Land</a> is acquiring a 100 per cent interest in two prime residential sites in Ho Chi Minh city. The total land and development cost of the two sites adds up to $297 million.
On the first site in Saigon South of HCMC, Keppel Land plans to spend $235 million on developing about 220 landed homes and a 1,029-unit high-rise condominium spanning a gross floor area (GFA) of about 36,110 square metres and 141,540 square metres, respectively.
The remaining $62 million will go towards developing the second site in District 9 that borders the affluent residential enclave of District 2. Keppel Land will build another 300 landed homes with a GFA of about 55,000 square metres.
The two projects will add to Keppel Land&#8217;s pipeline of more than 20,000 homes in Vietnam.
&#8220;Vietnam&#8217;s housing demand is expected to continue its upward momentum, supported by the country&#8217;s young population, growing middle-class as well as rising urbanization,” Ang Wee Gee, CEO of Keppel Land, said.
Keppel Land sold a total of 1,010 homes in Vietnam in the first nine months of 2017, four times the units it sold last year.
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Keppel Land is acquiring two prime residential sites in Ho Chi Minh city. The total land and development cost of the two sites adds up to $297 million.

SG Realty: SingHaiyi sells US realty project for $95.3m; Keppel Land acquires two Vietnam sites

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SG Realty: SingHaiyi sells US realty project for $95.3m; Keppel Land acquires two Vietnam sites

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