Singapore-based developer Keppel Land has, through its wholly-owned subsidiary Oil (Asia) Pte Limited, acquired the remaining 10 per cent stake in Jencity Limited, which holds Saigon Sports City, for approximately $11.4 million.
Following the acquisition, Keppel Land will hold 100 per cent interest in Saigon Sports City, thus consolidating its full ownership of the township.
Covering an area of 64 hectares, Saigon Sports City is a township developed by Keppel Land in collaboration with Keppel Urban Solutions in District 2, Ho Chi Minh City with a total investment capital of $500 million.
The township will comprise about 4,300 premium homes and include iconic features such as a waterfront boulevard, an open public plaza and Vietnam’s first one-stop lifestyle hub with comprehensive facilities for sports, entertainment, shopping and dining.
The first phase of Saigon Sports City will feature some 90,000 sq m gross floor area of commercial space and about 1,220 homes, of which 620 units are slated for launch in the second half of this year.
Keppel has been ramping up investments in emerging countries in the region, including Indonesia and Vietnam. In Vietnam, Keppel Land is one of the largest and pioneer foreign real estate developers with a diverse portfolio of 20 licensed projects across Hanoi, Ho Chi Minh City, Dong Nai and Vung Tau provinces including Grade A offices, residential properties, retail centers, integrated townships and award-winning serviced apartments.
Last year, the Singapore-based property developer increased its ownership in Keppel Land WATCO I to V, by purchasing another 16 per cent equity from the Vietnamese JV partner, Southern Waterborne Transport Corporation.