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With the assistation of GV Lawyers, Keppel Corporation (SGX:BN4) and Keppel Vietnam Fund (KVF) is completed a deal of taking 49% stake in two adjacent residential projects in Ho Chi Minh City of a local real estate developer Khang Dien Group (HoSE: KDH) for an aggregate consideration of 3,180 billion Vietnam (US$135 million). The Keppel Consortium and Khang Dien Group jointly develop a total of more than 200 landed homes and more than 600 high-rise apartments on the two sites, which have a total land area of about 11.8 hectares.
The ownership distribution between Keppel and KVF, a private fund managed by Keppel, in the Keppel Consortium is equal, with each having a 50% stake. The Keppel Consortium will collaborate with the Khang Dien Group, a well-established developer in Vietnam that is listed on the Ho Chi Minh Stock Exchange, to jointly develop these projects. The Khang Dien Group will retain a 51% interest in the projects. Keppel and KVF have made their second joint investment, which comes after their acquisition of three residential land sites in Hanoi in 2022.
This joint strategic acquisition facilitates Keppel access to external funding for expansion, which is consistent with Keppel’s asset-light business model. The project is an opportunity to further Vietnam’s sustainable development by providing a suite of sustainable urban space solutions. Also, this marks the strong commitments of Keppel Group in maintenance and development of their investment in Vietnam.
The Project was advised by key team of lawyers including Nguyen Gia Huy Chuong, Nguyen Thi Hang, Pham Ngoc Phuoc, Le Thi Hong Nga and Tran Minh Nguyet.