Keppel Land to go ahead with waterfront project in Ho Chi Minh City
Keppel Land Limited, through wholly-owned subsidiary Flemmington Investments Pte Ltd (Flemmington Investments) together with joint venture partners - local developers Tien Phuoc Co., Ltd (Tien Phuoc) and Tran Thai Co., Ltd (Tran Thai), have obtained masterplan approval for its integrated waterfront residential development site in Ho Chi Minh City (HCMC), Vietnam, the Company's press release said.
This is a key milestone to kickstart the development of a prime 30-hectare cleared site in South Rach Chiec, District 2 of HCMC as it maps out the planning parameters for the design of the project, Keppel said. The waterfront development will comprise about 6,430 homes supported by quality retail, commercial, educational and medical facilities with a total gross floor area of about one million sm.
The first phase of the development, of approximately 1,500 waterfront apartment units, is targeted to be launched in 2012. The site in South Rach Chiec enjoys more than two-km of combined river frontage to the Giong Ong To River and Muong Kinh River. Travelling time to the central business district will be reduced to less than 15 minutes upon completion of the Thu Thiem Tunnel and East-West Highway in 2011 as well as the upcoming HCMC-Long Thanh Expressway.
In exchange for the 30-ha cleared waterfront site, Keppel Land and its joint venture partners have handed over 500 homes to the HCMC People's Committee under a public-private initiative to build a resettlement housing project in a separate location in the An Phu-Binh Khanh Ward in District 2.The remaining 1,300 homes will be delivered over the next two years.
This is the first public-private housing collaboration with a foreign investor. When completed, the housing project will provide over 1,800 homes for residents who have been resettled from the Thu Thiem area.
The South Rach Chiec development is the second collaboration between Keppel Land and Tien Phuoc, the first being The Estella, a 1,393-unit condominium development also in District 2.
The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of Keppel Land for the financial year ending 31 December 2011.
The Keppel Group of Companies includes Keppel Offshore & Marine, Keppel Integrated Engineering, Keppel Energy, Keppel Telecommunications & Transportation (Keppel T&T) and Keppel Land, among others.
Keppel Offshore & Marine is the leader in offshore rig design, construction and repair, ship repair and conversion and specialised shipbuilding. Its Near Market, Near Customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions.
This is a key milestone to kickstart the development of a prime 30-hectare cleared site in South Rach Chiec, District 2 of HCMC as it maps out the planning parameters for the design of the project, Keppel said. The waterfront development will comprise about 6,430 homes supported by quality retail, commercial, educational and medical facilities with a total gross floor area of about one million sm.
The first phase of the development, of approximately 1,500 waterfront apartment units, is targeted to be launched in 2012. The site in South Rach Chiec enjoys more than two-km of combined river frontage to the Giong Ong To River and Muong Kinh River. Travelling time to the central business district will be reduced to less than 15 minutes upon completion of the Thu Thiem Tunnel and East-West Highway in 2011 as well as the upcoming HCMC-Long Thanh Expressway.
In exchange for the 30-ha cleared waterfront site, Keppel Land and its joint venture partners have handed over 500 homes to the HCMC People's Committee under a public-private initiative to build a resettlement housing project in a separate location in the An Phu-Binh Khanh Ward in District 2.The remaining 1,300 homes will be delivered over the next two years.
This is the first public-private housing collaboration with a foreign investor. When completed, the housing project will provide over 1,800 homes for residents who have been resettled from the Thu Thiem area.
The South Rach Chiec development is the second collaboration between Keppel Land and Tien Phuoc, the first being The Estella, a 1,393-unit condominium development also in District 2.
The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of Keppel Land for the financial year ending 31 December 2011.
The Keppel Group of Companies includes Keppel Offshore & Marine, Keppel Integrated Engineering, Keppel Energy, Keppel Telecommunications & Transportation (Keppel T&T) and Keppel Land, among others.
Keppel Offshore & Marine is the leader in offshore rig design, construction and repair, ship repair and conversion and specialised shipbuilding. Its Near Market, Near Customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions.
