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

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

According to Lim, Vietnam has a young and dynamic population and a growing middle-class with strong aspirations for home ownership. He said, Ho Chi Minh City's “high urbanisation rate, improving infrastructure and declining interest rates will also support demand for housing.”

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

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

Phase one of “The Estella”, a high-rise development, has been completed with 719 units being fully sold and phase two, targeted for launch early next year, is expected to yield more than 500 homes.

“The Estella” is one of the 18 licensed projects across Vietnam and 22,000 homes in the pipeline. These include International Centre and Sedona Suites Royal Park in Hanoi, Saigon Centre, Villa Riviera, Riviera Cove and Riviera Point as well as South Rach Chiec township in HCM City and Dong Nai waterfront city in Dong Nai province.-VNA