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Post-completion, Phu Long will hold the remaining 40% interest in the business, which owns a plot of land situated in Nha Be District, Ho Chi Minh City (HCMC) where land use right certificates are issued.
Keppel Land and Phu Long strategy to collectively develop about 40 landed houses on the 1.5-hectare website, which is situated adjacent to the present Celesta residential job which Keppel Land and Phu Long are now jointly developing. The website is located along the lively Nguyen Huu Tho southern thoroughfare, which links Saigon South into HCMC’s CBD.
The Website is near many conveniences, such as trusted health care facilities like FV Hospital and Tam Duc Heart Hospital, in Addition to leading educational institutions like the Royal Melbourne Institute of Technology (RMIT) University Vietnam, the American International School, the British Vietnamese International School and Saigon South International School. Additionally, entertainment and lifestyle offerings which are available near include SC VivoCity and Crescent Mall.
The entire development cost for your project, inclusive of property price, is anticipated to be in surplus of VND800 billion (roughly $47.1 million).
To this end, Keppel Land has also entered into a shareholders’ agreement with Phu Long in connection with their individual shareholding from Phuoc Kien as well as the combined development of the project.
The conclusion of this acquisition, subject to the satisfaction of conditions precedent, is anticipated to happen by June.
The transaction isn’t expected to have any material effect on the earnings per share and net tangible asset per share of Keppel Corporation for its present fiscal year.
Joseph Low, president (Vietnam) in Keppel Land, states that the organization is eager to strengthen its strategic partnership with Phu Long. “We feel that there’ll be strong need for these landed houses, given that their strategic location, superb connectivity and closeness to a lot of public conveniences,” he states.