Keppel Land gets approval to proceed with Ho Chi Minh City waterfront project

Masterplan approval gives green light to the city’s first phase of the development of approximately 1,500 waterfront apartment units targeted to be launched in 2012.

Keppel Land Limited, through wholly-owned subsidiary Flemmington Investments Pte Ltd (Flemmington Investments) together with joint venture partners - local developers Tien Phuoc Co., Ltd (Tien Phuoc) and Tran Thai Co., Ltd (Tran Thai), have obtained masterplan approval for its integrated waterfront residential development site in Ho Chi Minh City (HCMC), Vietnam. 

This is a key milestone to kickstart the development of a prime 30-hectare cleared site in South Rach Chiec, District 2 of HCMC as it maps out the planning parameters for the design of the project. The waterfront development will comprise about 6,430 homes supported by quality retail, commercial, educational and medical facilities with a total gross floor area of about one million sm.

"Growing with Vietnam in these past two decades, we are privileged to participate in and contribute to its urban renewal and setting benchmarks in the country with quality live-work-play environments designed and built in our developments.

"We are building on our experience and Keppel Land's good reputation for quality homes amongst local homebuyers and are confident that this integrated waterfront residential development in South Rach Chiec will be received positively," said Mr Linson Lim, President (Vietnam, Thailand and the Philippines), Keppel Land International Limited.

The first phase of the development, of approximately 1,500 waterfront apartment units, is targeted to be launched in 2012. The site in South Rach Chiec enjoys more than two-km of combined river frontage to the Giong Ong To River and Muong Kinh River. Travelling time to the central business district will be reduced to less than 15 minutes upon completion of the Thu Thiem Tunnel and East-West Highway in 2011 as well as the upcoming HCMC-Long Thanh Expressway.

In exchange for the 30-ha cleared waterfront site, Keppel Land and its joint venture partners have handed over 500 homes to the HCMC People's Committee under a public-private initiative to build a resettlement housing project in a separate location in the An Phu-Binh Khanh Ward in District 2.The remaining 1,300 homes will be delivered over the next two years.

This is the first public-private housing collaboration with a foreign investor. When completed, the housing project will provide over 1,800 homes for residents who have been resettled from the Thu Thiem area, according to a Keppel Land report.

"Keppel Land is committed to nurturing communities wherever it operates. We are privileged to be able to participate in this meaningful collaboration between the public and private sectors to enhance the quality of life in District 2," added Mr Lim.

The South Rach Chiec development is the second collaboration between Keppel Land and Tien Phuoc, the first being The Estella, a 1,393-unit condominium development also in District 2.