Keppel reaffirms Vietnam as key market with 23% of total residential portfolio

Singapore’s Keppel has reaffirmed Vietnam’s role as a key growth market in its latest business update for the first nine months of 2025, highlighting the country’s importance in both its property and sustainable infrastructure strategies.

Keppel said Vietnam remains one of its core real estate markets, holding a land bank of 6,937 housing units as of end-September, equivalent to 23% of its total residential portfolio. Its commercial assets in the country span 401,210 square meters, representing 26% of the total.

Beyond real estate, Keppel is accelerating its transition toward clean and low-carbon energy. Its Sustainable Solutions and Decarbonisation division recently signed new Energy-as-a-Service (EaaS) contracts across six key markets: Vietnam, China, India, the Philippines, Singapore, and Thailand.

Vietnam also featured prominently in Keppel’s divestment strategy. In the first quarter, the group sold a 22.6% stake in phase three of the 19,668-square-meter Saigon Centre complex in Ho Chi Minh City, raising SGD98 million ($76.5 million). Following the latest divestment, Keppel now retains a 45.4% stake in the phase 3 of the project.

It also divested a 42% stake in the Palm City urban project for SGD141 million ($108.14 million). In July, Keppel completed its full exit from Nam Long Group (HoSE: NLG) after selling more than 29.4 million shares for SGD58 million ($44.48 million).

Keppel said the transactions are part of its broader strategy to restructure its portfolio, unlock capital for reinvestment, and reinforce its positioning as a leading provider of sustainable urban solutions in Asia.

The company recently received an amended investment certificate for phase three of its flagship Saigon Centre project in HCMC. Phase 3 will feature two new towers – Saigon Centre IV and V – spanning about 8,623 square meters, and will add premium office, retail, and hospitality space to the downtown complex..