Keppel boosts Saigon Centre stake
In this article (5)
Singapore-headquartered Keppel Corp has paid VND 845.9 billion (S$53.5 million) to boost its stake in Ho Chi Minh City’s Saigon Centre beyond 50 per cent.
Saigon Centre, a mixed-use development incorporating a shopping centre anchored by Takashimaya department store, apartments and office space, is a joint venture between Keppel and local company Watco. The first stage, a small shopping mall beneath an 11-story tower, opened in 1996. Last year the expanded 55,000 sqm mall opened, and construction continues on a second tower of approximately 40 stories above it.
The mall is trading well, 100 per cent leased, with several Japanese retailers, including Owndays, making their debut in the market. Chanel is constructing what is expected to be a make-up studio on the ground level in a prime space previously used for events and pop-ups.
Keppel now owns 53.5 per cent of the Keppel Land Watco I, II and II companies and 76.2 per cent of Keppel Land Watco IV and V.
“Keppel Land is committed to grow its commercial portfolio in key Asian cities. Vietnam, one of our key growth markets, continues to attract foreign direct investments which will drive positive demand in the property market from homes to offices and mixed-use developments,” said Keppel Land CEO Ang Wee Gee in a statement.
Questions & Answers
Q.What is the total size of the expanded mall at Saigon Centre, and what is its current occupancy rate?
What is the total size of the expanded mall at Saigon Centre, and what is its current occupancy rate?
The expanded mall at Saigon Centre measures 55,000 square metres. It is currently fully leased, demonstrating strong performance in the retail market.
Q.What kind of businesses are opening in the Saigon Centre mall, and which new tenant is highlighted?
What kind of businesses are opening in the Saigon Centre mall, and which new tenant is highlighted?
The mall has attracted several Japanese retailers, making their market debut, including Owndays. Also, Chanel is developing a make-up studio in a prominent ground-level location previously used for events.
Q.What are Keppel's specific ownership percentages in the various Keppel Land Watco companies involved in the Saigon Centre venture?
What are Keppel's specific ownership percentages in the various Keppel Land Watco companies involved in the Saigon Centre venture?
Keppel now holds 53.5 per cent of the Keppel Land Watco I, II, and II companies. The company also owns a 76.2 per cent stake in Keppel Land Watco IV and V.
Q.Why does Keppel Land view Vietnam as a key market for its commercial portfolio expansion?
Why does Keppel Land view Vietnam as a key market for its commercial portfolio expansion?
Keppel Land considers Vietnam a key growth market because it continues to attract foreign direct investments. This is expected to drive positive demand across various property segments, including homes, offices, and mixed-use developments.
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