Keppel Land buys two prime residential sites in Ho Chi Minh city for $407m

The two projects can yield 1,550 homes.

Keppel Land Limited (Keppel Land) entered sales agreements to buy two prime sites in Ho Chi Minh city (HCMC) for a total development cost of $407m.

According to a press release, for the first site located in Saigon South of HCMC, Keppel Land plans to develop about 220 landed homes and a 1,029-unit high-rise condominium spanning a gross floor area (GFA) of about 36,110 sqm and 141,540 sqm, respectively.

The total development cost, inclusive of the land cost, is about $322m.

The second site is located in District 9 and borders the affluent residential enclave of District 2. Keppel Land will develop another 300 landed homes spanning a GFA of about 55,000 sm.

The total development cost for the six-hectare site, inclusive of the land cost, is about $85m.

Keppel Land CEO Ang Wee Gee said the two projects will add to Keppel Land's pipeline of over 20,000 homes in Vietnam.

The company sold a total of 1,010 homes in Vietnam in the first nine months of 2017 including Tilia Residences, Phase 2 of Empire City which was launched in July 2017.

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