Keppel Group (Singapore) announced in its Q1 2025 report that it has sold an additional 22.6% stake in the Saigon Centre Phase 3 project for SGD 98 million (VND 1,930 billion).
Keppel did not provide further details on the transaction.
The company’s most recent sale in the Saigon Centre Phase 3 project was in September 2024, when its subsidiary, Himawari VNSC3, issued 46.3 million new ordinary shares to Toshin Development (Japan). The Japanese firm paid USD 46.4 million (VND 1,145 billion) for the deal.
Himawari VNSC3 holds shares in subsidiaries that partially own the Saigon Centre Phase 3 project. Saigon Centre Investment and Development Co., Ltd., which is wholly owned by Keppel, holds 46.5 million ordinary shares in Himawari VNSC3.
In its 2024 report, Keppel summarized this transaction as a 16% sale, and by the end of 2024, Keppel owned 68% of the Saigon Centre Phase 3 project through its two subsidiaries, Keppel Land Watco-IV and Keppel Land Watco-V.
Saigon Centre Phase 3 is a component project of the Saigon Centre, which has a total area of up to 2 hectares located at 92-94 Nam Ky Khoi Nghia, Ho Chi Minh City. The Saigon Centre was first licensed for investment in 1993, but Phase 3 of the project, with a total land area of 8,623 m2, has been delayed due to land clearance issues.
In addition, Keppel’s Q1 2025 report also includes another divestment in Vietnam, with a 42% stake sale in the Palm City project for SGD 141 million (VND 2,612 billion).
Since the beginning of April, Keppel has announced its complete divestment of 42% of Nam Rach Chiec Company, the developer of Palm City in Ho Chi Minh City. The buyer is Gateway Thu Thiem Joint Stock Company.
Nam Rach Chiec was established as a joint venture between Keppel Land (through Flemmington Investments Pte Ltd, holding 42%), Tien Phuoc Real Estate Joint Stock Company (38%), and Tran Thai Real Estate Company Limited (20%). After Keppel’s divestment, Nam Rach Chiec became a “pure Vietnamese” company wholly owned by domestic shareholders.
Before the divestment, Keppel Land had recorded a total profit after tax of approximately SGD 24.6 million from the sale of apartments at Palm City. Palm City is a 30.2-hectare complex in Ho Chi Minh City’s District 2. The project has four remaining land lots, including two residential land lots, one mixed-use land lot, and one medical land lot. The first two residential phases, Palm Residence and Palm Heights, were completed and handed over in 2017 and 2019, respectively.
As of the end of Q1 2025, Keppel owns a large real estate portfolio in Vietnam, with 6,984 apartments and 40.1 hectares of commercial land, accounting for 21% and 25% of Keppel’s global portfolio, respectively.
Compared to the end of 2024, the commercial land area remains unchanged. The number of apartments has decreased from 9,131 as of the end of last year.
Keppel is divesting from multiple projects in Vietnam. In 2024, the Singaporean conglomerate earned SGD 453 million (VND 11,692 billion) from the sale of a 70% stake in Saigon Sports City and a 16% stake in Saigon Centre Phase 3.
In 2023, Keppel did not sell any houses in Vietnam, compared to 70 houses sold in 2022.
Keppel Corp has over 30 years of experience in the Vietnamese market, with over 20 licensed projects and a total registered investment capital of USD 3.5 billion. The company is one of the largest, most successful, and contributing foreign real estate investors to the development of Vietnam’s urban areas.
Among the projects that Keppel has invested in, the most well-known include the Saigon Centre complex in District 1, Ho Chi Minh City, Estella JV (98% ownership), Riviera Point (100% ownership), Saigon Sports City (100% ownership), Empire City (40% ownership), and the Vietcombank building at 198 Tran Quang Khai, Hanoi (30% ownership).
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