Business

Keppel Land raises stake in Saigon Centre

Keppel Corp's property unit, Keppel Land, has pumped in 845.9 billion dong (S$52.3 million) to raise its stake in Saigon Centre in Ho Chi Minh City, Vietnam.

Saigon Centre is owned by joint-venture entities Keppel Land WATCO I to V.

Following the investment, the company's stake in Keppel Land WATCO I, II and III has increased from approximately 45.3 per cent to 53.5 per cent. For WATCO IV and V, the stake has grown from 68 per cent to 76.2 per cent.

Located on a 2ha prime site in the heart of the central business district, Saigon Centre is being developed in several phases.

Completed in 1996, Phase One is a 25-storey mixed-use development that includes three floors of retail and office space and 89 serviced apartments.

Phase Two, due to be completed at the end of the year, will offer 44,000 sq m of premium Grade A office space, 55,000 sq m of retail space and 195 luxury serviced apartment units. The retail mall was opened in August last year.

"Keppel Land is committed to growing its commercial portfolio in key Asian cities," said its chief executive Ang Wee Gee.

"Vietnam, which is one of our key growth markets, continues to attract foreign direct investments that will drive positive demand in the property market there, ranging from homes to offices and mixed-use developments."

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