Keppel Land starts marketing condo in district 7

Singaporean property company Keppel Land Ltd and local partner Tan Truong Company will officially launch their mixed-use development in HCMC’s District 7 next week after the developer gauged market demand since its soft launch in January this year

Linson Lim, president of Keppel Land International for Vietnam, Thailand and the Philippines, said on Thursday a positive response from the market prompted the company to officially launch its Riviera Point condo development along the Ca Cam River.

Lim said around 70% of the 193 apartments released for sale in the soft launch were sold from VND30.7 million (US$1,460) per square meter.

He said the company has set aside some US$200 million to further develop the mixed-use development which is designed with 18 residential towers with a total of 2,400 apartments from two to four bedrooms. Besides, it has spaces for retail shops, food and beverage outlets and recreational facilities.

The entire waterfront development will be developed in phases, in which the initial collection of homes comprises 549 units with completion expected in 2014.

With this condo development, the Singaporean company has a goal to have 22,000 homes in the Vietnam market, including the ongoing development The Estella project with 1,393 units in District 2.

Commenting on the market situation, Lim said the current residential market was challenging for every developer. However, the company set a long-term development strategy in the Vietnamese market as well the markets in Singapore, China, India and Indonesia.

“Challenges will be overcome and we are confident our development will continue to draw more home buyers,” he said.

The company has planned the second phase of development in its current Saigon Center project in downtown HCMC in the next two months.

Lim told the Daily that US$200 million would be used to turn the city’s prime site into a 45-storey mixed-use project that comprises office buildings, serviced apartments and retail components.

Keppel Land is one of the largest real estate investors in Vietnam and is on its way to expanding its portfolio of properties in key regions such as Hanoi, HCMC, Dong Nai and Vung Tau City.

Last October, the company signed a joint venture agreement with Hung Phu Real Estate Investment Corporation to develop a US$63 million villa development covering some 10 hectares in HCMC’s District 9.

Besides, the company marked its fourth partnership with its Vietnamese partners by signing a joint venture agreement with Tien Phuoc Company to develop a US$115 million villa project covering 13.5 hectares in HCMC.

The Singaporean developer has earned licenses for 17 property projects in Vietnam with total investment capital of US$2 billion. – SGT

Tags: Keppel Land