Singapore's Keppel Land gets nod for expansion of flagship project in HCMC

Keppel Land, the property arm of Singapore’s Keppel Group, has received an amended investment certificate for phase three of its flagship Saigon Centre project in Ho Chi Minh City.

The approval was announced during the 19th Vietnam-Singapore Connectivity Ministerial Meeting last Friday.

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.

Once completed, the development is expected to further shape HCMC’s skyline and underscore long-term foreign investor confidence in Vietnam’s property market.

First approved in 1993, the 19,668-square-meter Saigon Centre is a five-phase mixed-use development comprising office towers, retail malls, serviced apartments, hotels, and other commercial facilities. The first two phases are already operational, hosting top-tier office tenants and luxury retail brands.

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.

According to its Q1/2025 disclosures, Keppel reported total SGD347 million ($270 million) in proceeds from divestments of some projects and subsidiaries in Vietnam.

This includes the partial sale of phase 3 of Saigon Centre, generating SGD98 million ($76.54 million) from selling a 22.6% stake at this complex. Following the latest divestment, Keppel now retains a 41.4% stake in the project.