1/29/2019 9:07:49 AM
Keppel to sell 70 pct stake in Vietnam waterfront township
Singapore-based Keppel Corp will sell 70 percent stake in a waterfront township project to a Vietnamese investor for $100 million.
An artist impression of the Dong Nai Waterfront City township project. Photo courtesy of Keppel Land Vietnam
The company said in a release Monday that, pending certain developments, it will sell its stake in the Dong Nai Waterfront City Company (DNWC) to Ho Chi Minh City-based Nam Long Investment Corp for VND2.31 trillion ($99.72 million).
The DNWC is a company incorporated under Vietnam’s laws that has been granted the right to develop the Dong Nai Waterfront City township project.
Keppel Land, Keppel's real estate arm, is currently in the process of taking over complete control of DNWC from an unnamed joint venture partner through a demerger.
Once the demerger is done, DNWC will become a wholly-owned subsidiary of Keppel with the rights to develop a 170-hectare plot of land.
DNWC also holds a 28-hectare plot of land which is excluded from the proposed divestment.
The 70 percent stake sale will depend on demerger going through.
Dong Nai Waterfront City is a 170-hectare residential township project in Dong Nai Province, located 28 kilometers to the northeast of HCMC.
It will have about 7,850 homes, including townhouses, villas and high-rise apartments with various commercial facilities.
Keppel Corp said that the stake sale was in line with Keppel Land's strategy to recycle assets for higher returns. The funds generated will be used to pursue other opportunities in Vietnam, it said.
The Dong Nai Waterfront City will be Keppel Land's second township project in Vietnam after the 64-hectare Saigon Sports City in HCMC's District 2 which is under construction.
Palm Garden Beach Resort & Spa – Your own get-away paradise
11/20/2015 6:18:14 AM
Le Petit Coin de Saigon: Taste fine Western flavours at affordable price
11/23/2015 10:45:40 AM
Au Lac Do Brazil opens in Nha Trang coastal city
12/1/2015 8:44:41 PM
Top of the Town Bar & Restaurant reopens
12/21/2015 2:16:22 PM
Taste the difference with Tra Vinh style noodles
1/5/2016 11:02:29 AM
Hark back to the seventies in a quiet HCM City alley
11/18/2016 2:12:43 PM
Century-old French colonial building in Saigon stands to be demolished
5/4/2018 11:04:58 AM
Bad signal: MobiFone refunded after failed pay TV investment deal
5/4/2018 11:09:10 AM
Fintech use is a must for Asia-Pacific economies: seminars
5/4/2018 11:19:46 AM
Foreigners allowed to own 49% of commodity exchange
5/4/2018 11:24:39 AM
2nd Annual Canada Green Day
5/7/2018 3:51:53 PM
Foreign transportation apps ready to ride in Vietnam
5/17/2018 5:10:56 PM
Vietnam plans etiquette code for social media users
5/20/2018 9:01:38 AM
Finance Minister: VAT not to be raised, property tax meant to deter corruption
5/27/2018 9:36:17 PM
Ministry of Health proposes ban on beer advertisement
5/27/2018 9:50:28 PM
Footwear giants shift outsourcing from China to Vietnam
6/2/2018 4:59:44 PM
Vietjet to launch Hanoi – Osaka direct route in late-2018
6/2/2018 5:06:15 PM
Inter Phuc Quoc: InterContinental® Phu Quoc Long Beach Resort is opening today
6/21/2018 10:24:52 AM
VinFast and GM sign landmark strategic partnership agreement in Vietnam
7/2/2018 11:17:36 AM
Italy wins Da Nang international fireworks contest
7/2/2018 11:20:56 AM
ITE HCMC 2018: The Definitive Global Travel Event Not To Be Missed
7/21/2018 2:27:35 PM
Dollar/đồng exchange rate cools down
7/26/2018 10:15:29 PM
Mining collapse: CEO absconds as another cryptocurrency firm implodes in Vietnam
7/30/2018 11:30:05 AM
CHILL DINING: World Luxury Restaurant Awards 2018
8/10/2018 8:10:51 AM
HCMC, Hanoi main locations for hotel acquisitions in Vietnam
9/3/2018 1:03:31 PM
OKTOBERFEST VIETNAM 2018
9/11/2018 10:01:07 PM
Why urban tech is the hottest investment in town
10/16/2018 10:25:04 AM
THE MAGNIFICENT 3 YEARS ANNIVERSARY OF AIR 360 SKY LOUNGE
11/6/2018 2:30:36 PM
Data Centres: Powering Asia’s Digital Boom
11/7/2018 8:42:02 AM
No customer had money stolen after alleged data leak: State Bank
11/10/2018 3:29:26 PM
Long Hau Industrial Park: Launching Event of High-rise factory
11/14/2018 8:34:36 AM
Conglomerate Vingroup to start $4,5mn Vietnamese genome project
12/9/2018 11:22:55 PM
Heavy rains batter Vietnam's central coast, flood city streets
12/9/2018 11:27:46 PM
Phu Quoc casino gets nod, Vietnamese can gamble there
12/26/2018 2:51:18 PM
Phú Quốc casino becomes 1st to allow Vietnamese
1/24/2019 8:56:39 AM
Prime Minister opens New Year’s trading session
2/15/2019 9:39:48 AM
Dr Philipp Rosler : VinaCapital Ventures names Việt Nam-born former German vice chancellor advisory board chairman
3/16/2019 9:22:43 AM
EUROSPHERE EXHIBITION: A COLLECTION OF EUROPEAN BRANDS
6/12/2019 5:01:40 PM