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S’pore investor remains confident of Vietnam’s long-term growth

Keppel Land, a leading Singaporean investor in real estate in Vietnam, has expressed its confidence in Vietnam’s long-term growth.
Keppel Land, a leading Singaporean investor in real estate in Vietnam,has expressed its confidence in Vietnam’s long-term growth.

LinsonLim, President of Keppel Land in Vietnam, was quoted by Singapore’s TheBusiness Times as saying that the firm remains confident of the“long-term growth potential of Vietnam's property market”.

Accordingto Lim, Vietnam has a young and dynamic population and a growingmiddle-class with strong aspirations for home ownership. He said, Ho ChiMinh City's “high urbanisation rate, improving infrastructure anddeclining interest rates will also support demand for housing.”

He added that Keppel Land’s raising the stake in a residentialdevelopment project in HCM City known as “The Estella” from 55 percentto 98 percent underscored the firm's commitment to its investment inVietnam.

The Singapore-listed company and its Vietnamese partner,Tien Phuoc Co. Ltd, had embarked on the project through Estella JointVenture Company Limited. Keppel Land had to pay Tien Phuoc 11.46 millionUSD for the additional 43 percent stake.

Phase one of “TheEstella”, a high-rise development, has been completed with 719 unitsbeing fully sold and phase two, targeted for launch early next year, isexpected to yield more than 500 homes.

“The Estella” is one ofthe 18 licensed projects across Vietnam and 22,000 homes in thepipeline. These include International Centre and Sedona Suites RoyalPark in Hanoi, Saigon Centre, Villa Riviera, Riviera Cove and RivieraPoint as well as South Rach Chiec township in HCM City and Dong Naiwaterfront city in Dong Nai province.-VNA
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