Keppel Land Ltd has acquired an additional 16% stake in Keppel Land WATCO I to V from its Vietnamese partner, Southern Waterborne Transport Corporation. The consideration for the purchase is VND 845.9 billion ($53.5 million). Keppel Land WATCO I to V are the JV entities for Saigon Centre in Ho Chi Minh City.
Following the acquisition, Keppel Land has increased its aggregate interest in the JV companies for Saigon Centre Phases One and Two from approximately 45.3% to 53.5%. Meanwhile, its aggregate interest in the JV companies for the subsequent phases of Saigon Centre rises from 68% to 76.2%.
Saigon Centre is located on a two-hectare prime site in the heart of the central business district in District 1. It is also within walking distance to two planned underground subway stations at the Ben Thanh Market and the Opera House.