In a recent announcement, Keppel Group (Singapore) revealed that in Q1, the company garnered SGD 347 million (over VND 7,000 billion) from the sale of real estate assets primarily in China and Vietnam, despite market challenges.
From October 2020 to Q1 2025, the Singaporean giant pocketed approximately SGD 7.2 billion from divestment deals, excluding the divestment from Keppel Offshore & Marine (KOM).
In Vietnam, during Q1, Keppel fetched around SGD 98 million (VND 1,989 billion) by selling a 22.6% stake in the Saigon Centre Phase 3 project.
Saigon Centre is a complex project located at 92-94 Nam Ky Khoi Nghia, District 1, Ho Chi Minh City, spanning an area of about 2 hectares. It was granted investment permission in 1993. The project is divided into five development phases. Phase 1 (Saigon Centre I) was completed in 1996, featuring 25 floors of office, residential, and service spaces. Phase 2, comprising Saigon Centre II and III, was finalized in 2016, with a 43-story building. Phase 3 (Saigon Centre IV and V) has an area of about 8,623 square meters but hasn’t commenced construction due to land clearance issues. The Keppel Group currently holds an 84% stake in this project.
Saigon Centre Phase 3, a “diamond land” project, is gearing up for a comeback after three decades?
Back in 2024, Keppel offloaded a 16% stake in the Saigon Centre project, pocketing SGD 62.2 million (VND 1,263 billion). Thus, Keppel has garnered SGD 160.2 million (around VND 3,252 billion) and currently holds over 45% of the project.
Additionally, Keppel has completed its divestment of a 42% stake in the Palm City urban area in Thu Duc City, Ho Chi Minh City, for SGD 141 million to CTCP Gateway Thu Thiem.
Keppel exits Palm City, pocketing over VND 2,600 billion
 Source: Keppel
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Keppel is in the final stages of negotiation for other real estate divestment deals worth approximately USD 550 million, expected to conclude in the coming months.
Regarding the US countervailing duties, Mr. Loh Chin Hua, CEO of Keppel, shared that the direct impact of the new US tariffs on Keppel is insignificant, as the group is not involved in manufacturing or exporting. However, the trade war could severely damage the global economy and indirectly affect Keppel through increased supply chain costs, diminished market confidence, heightened currency risks, and slower asset returns. Nonetheless, the CEO believes that Keppel, with its stable recurring income, is well-positioned to navigate these fluctuations.
– 16:29 12/06/2025
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