Singapore’s Keppel earns $76 mln from partial sale of property complex in southern Vietnam

Singapore-based Keppel Corporation brought in SGD98 million ($76.54 million) from selling a 22.6% stake in a property complex in Vietnam’s southern metropolis of Ho Chi Minh City.

According to its Q1 disclosures, Keppel reported total SGD347 million ($270 million) in proceeds from divestments of some projects and subsidiaries in the period. This includes the partial sale of Phase 3 of Saigon Centre, located in District 1, HCMC.

Saigon Centre is a prime office, retail, and hotel complex, spanning 19,668 square meters over five development phases. Phase 3, covering 8,623 sqm, has faced construction delays due to unresolved land clearance issues for years.

Keppel previously held an 84% stake in Saigon Centre Phase 3 through two subsidiaries. In late 2024, the company sold a 16% stake in the project, generating SGD62.2 million ($48.5 million) from the transaction.

Following the latest divestment, Keppel now retains a 41.4% stake in the project, having earned a total of $160.2 million from both sales.

In April, Keppel announced it had completed the sale of a 42% stake in Palm City, a mixed-use township in Thu Duc city, HCMC, to Gateway Thu Thiem JSC for SGD141 million ($110 million).

During Keppel’s April earnings call, some investors voiced concerns over Southeast Asia’s growth outlook amid U.S. tariff turmoil. In response, CEO Loh Chin Hua reaffirmed the region’s strong fundamentals, emphasizing that markets like Vietnam remain central to the group’s investments in real estate, infrastructure, and connectivity.

Keppel Land, the group’s real estate arm, has operated in Vietnam since the early 1990s. It is one of largest foreign developers in the country, with major investments in Estella Heights, Celesta Rise, Empire City, and Saigon Centre.