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| An artist’s impression of Riviera Point project underway along the Ca Cam River in District 7 -
Photo: Courtesy of Keppel Land
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HCMC - Singaporean property company Keppel Land Limited and
local partner Tan Truong Company will officially launch their mixed-use
development in HCMC’s District 7 next week after the developer gauged market
demand since its soft launch in January this year.
Linson Lim, president of Keppel Land International for Vietnam, Thailand
and the Philippines,
said on Thursday a positive response from the market prompted the company to
officially launch its Riviera Point condo development along the Ca Cam River.
Lim said around 70% of the 193 apartments released for sale
in the soft launch were sold from VND30.7 million (US$1,460) per square meter.
He said the company has set aside some US$200 million to
further develop the mixed-use development which is designed with 18 residential
towers with a total of 2,400 apartments from two to four bedrooms. Besides, it
has spaces for retail shops, food and beverage outlets and recreational
facilities.
The entire waterfront development will be developed in
phases, in which the initial collection of homes comprises 549 units with
completion expected in 2014.
With this condo development, the Singaporean company has a
goal to have 22,000 homes in the Vietnam market, including the
ongoing development The Estella project with 1,393 units in District 2.
Commenting on the market situation, Lim said the current
residential market was challenging for every developer. However, the company
set a long-term development strategy in the Vietnamese market as well the
markets in Singapore, China, India
and Indonesia.
“Challenges will be overcome and we are confident our
development will continue to draw more home buyers,” he said.
The company has planned the second phase of development in
its current Saigon
Center project in
downtown HCMC in the next two months.
Lim told the Daily that US$200 million would be used to turn
the city’s prime site into a 45-storey mixed-use project that comprises office
buildings, serviced apartments and retail components.
Keppel Land is one of the largest real estate investors in Vietnam and is on its way to expanding its
portfolio of properties in key regions such as Hanoi,
HCMC, Dong Nai and Vung
Tau City.
Last October, the company signed a joint venture agreement
with Hung Phu Real Estate Investment Corporation to develop a US$63 million
villa development covering some 10 hectares in HCMC’s District 9.
Besides, the company marked its fourth partnership with its
Vietnamese partners by signing a joint venture agreement with Tien Phuoc
Company to develop a US$115 million villa project covering 13.5 hectares in
HCMC.
The Singaporean developer has earned licenses for 17
property projects in Vietnam
with total investment capital of US$2 billion.
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