On December 3rd, during a meeting with the Vietnamese National Assembly Chairman, Mr. Kevin Chng, CFO of Keppel Corporation, stated that Vietnam is among the countries that the corporation is dedicating significant investment resources to. “Moving forward, we aim to expand our investments and contribute more to Vietnam’s sustainable development,” said the representative from Keppel Corporation.
The National Assembly Chairman affirmed that Vietnam is an attractive destination for investors from various countries, including those in infrastructure development, industrial park construction, clean energy projects, and more. “Vietnam will facilitate foreign businesses to invest effectively and succeed,” he asserted.
Keppel is a diversified group with over 30 years of investment experience in Vietnam, totaling approximately $3.8 billion in registered capital. Today, Keppel Corp is among the largest, most successful, and impactful foreign real estate investors in the country.
According to Keppel Corp’s 2023 annual report, the corporation boasts an impressive real estate portfolio, including projects such as Riviera Point, Estella Heights, and Celesta Rise. They also hold a 40% stake in Empire City, the developer of the namesake project in Thu Thiem, and a 42% stake in Nam Rach Chiec, the company behind the 29-hectare Palm City project.
Additionally, Keppel Corp owns 30% of the Vietcombank building at 198 Tran Quang Khai and an 8% stake in Nam Long Group (NLG).
One of Keppel’s most notable projects is the Saigon Centre complex, which includes a commercial center and office space. This project is a joint venture between Keppel Land and the Saigon Real Estate Corporation (Resco). For many years, Saigon Centre, with its iconic Takashimaya commercial center, has been one of the most prominent real estate projects in Vietnam’s largest city.
In reality, the Saigon Centre complex is divided into five phases. The first three phases were the responsibility of Keppel Land Watco I, II, and III, according to Keppel’s 2023 annual report, in which the Singaporean corporation held a 61% stake.
At Keppel Land Watco IV and V, Keppel Corp holds an even higher percentage, with an 84% stake. Saigon Centre was one of two projects that Keppel Corp was determined to undertake when it first entered the Vietnamese market in the early 1990s, along with the International Centre (17 Ngo Quyen, Hanoi), which was completed in 1995 and divested many years ago.
Up to now, the Saigon Centre project has completed only phases I, II, and III. Phases IV and V of the project remain on hold despite receiving investment licenses back in 1993.
The land at 92 – 94 Nam Ky Khoi Nghia is designated for phases 4 and 5 of the Saigon Centre project. Image source: Dan Viet.
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Vietstock LIVE #14, themed ‘The Vietnamese Economy in 2025: Opportunities and Challenges’, will offer investors a comprehensive overview of the prospects and potential pitfalls facing the nation’s economy in the coming year. The show will be streamed live at 3 PM on Friday, December 6, 2024.
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