Singapore’s Real Estate Giant Keppel’s Latest Updates on Its Vietnam Ventures
Keppel’s Saigon Sports City Project
Keppel, a prominent Singapore-based real estate firm, previously announced its plan to sell 70% of its stake in the Saigon Sports City project to two Vietnamese enterprises in September 2024. In a recent update, the company disclosed that the sale is pending approval from Vietnamese authorities and is expected to be finalized in Q4 of 2025.
Keppel also revealed that it stands to receive 7.13 trillion VND (354 million SGD) from the transaction, including repayment of shareholder loans and payment for the 70% stake.
HTV Dai Phuoc and Vinobly – The Vietnamese Acquirers
The buyers of the 70% stake are two Vietnamese companies: HTV Dai Phuoc and Vinobly Real Estate Investment Joint Stock Company. Keppel will retain the remaining 30% stake in the project.
According to the Singapore-based company, their net gain from this transaction is estimated at 114 million SGD (approximately 2.3 trillion VND), derived from the divestment and the appreciation of the 30% stake they continue to hold.
Additionally, Keppel provided an update on the sale of shares in Nam Long (HoSE: NLG). Since late July, NLG has announced that its major shareholder, Ibeworth Pte. Ltd. – a wholly-owned subsidiary of Keppel Land Limited (Singapore) – has registered to sell its entire stake of over 29.4 million NLG shares, equivalent to 7.64% of NLG’s capital.
Keppel confirmed that this transaction generated 58 million SGD for the company. This aligns with the trade executed on July 24, where Ibeworth Pte. offloaded more than 29.4 million NLG shares through a matched bargain deal. The transaction was valued at approximately 1.19 trillion VND, based on the closing price of 40,450 VND per share.
Keppel’s Vietnam Exits: A Recap
Keppel’s Q2 2025 report reveals that the company has divested its stakes in various projects across Vietnam, India, China, and the Philippines as of July this year, raking in 915 million SGD.
Keppel’s Divestment Overview
Out of the 915 million SGD, 644 million SGD (over 13 trillion VND) came from Vietnam exits. These include the sale of a 22.6% stake in Saigon Center Phase 3 for 98 million SGD, a 42% stake in Palm City for 141 million SGD, the entire stake in NLG for 58 million SGD, and a 30% stake in an HCMC project for 25 million SGD.
As of June 2025, Keppel holds a land bank of approximately 2.1 million square meters in Vietnam, equivalent to 10,918 housing units. Of these, 3,947 units have been sold, and 6,971 units are pending sale.
Keppel’s Land Bank and Housing Units in Vietnam
“Heirs to the Nam Long Chairmanship Fail to Finalize NLG Stock Transaction”
The two sons of Chairman Nguyen Xuan Quang failed to complete a transaction to purchase 1 million NLG shares each. Meanwhile, Dragon Capital has exited its position as a major shareholder of Nam Long.
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