Singaporean giant Keppel divests all capital from project in Thu Duc City, makes huge profit

Singapore's Keppel Group has divested all 42% of its shares in Nam Rach Chiec Company (SRC), the developer of the Palm City project in Thu Duc City, Ho Chi Minh City - Photo: NGOC HIEN

Singapore's Keppel Group has just announced through its real estate division that it has divested all 42% of its shares in Nam Rach Chiec Company (SRC), the developer of the Palm City project in Thu Duc City (HCMC). The buyer of these shares from Keppel is Gateway Thu Thiem Joint Stock Company.

Keppel Group said the sale of this stake brought Keppel VND2,612 billion in cash.

Keppel Group said the divestment was completed in March, including a cash payment of VND1,702 billion for Keppel's shares.

In addition, Keppel transferred 840,000 bonds issued by SRC to Gateway Thu Thiem Joint Stock Company with a value of VND910 billion, in accordance with the bond's par value and accumulated interest up to the transfer date of March 31.

Mr Louis Lim - CEO of Keppel's real estate group - said the divestment of Palm City is a step forward in the company's ambitious plan to earn S$10-12 billion from the assets, by the end of 2026.

Palm City is a 30-hectare urban complex located on the parallel road at the beginning of Ho Chi Minh City - Long Thanh - Dau Giay highway.

The first two residential phases of the project, Palm Residence and Palm Heights, were handed over in 2017 and 2019. The project has 4 remaining plots of land, including 2 residential plots, 1 mixed-use plot and 1 medical plot.

Prior to the divestment, Keppel had booked a total post-tax profit of about S$24.6 million ($18.3 million) from the sale of apartments at Palm City.

Keppel said the completed divestment is expected to generate a net gain of about S$55 million (over US$40 million) for Keppel Land.

In addition to the Palm City project, Keppel Group previously announced that it would divest 70% of its shares in Saigon Sports City (a 64-hectare project in Thu Duc City), with a total revenue of nearly VND7,500 billion.

Keppel Corporation is a diversified business operating in 20 countries, headquartered in Singapore and present in Vietnam since the early 1990s.

In Vietnam, this group is known as the owner of many real estate projects such as Estella Heights, Celesta Rise, Empire City, Saigon Centre or The Infiniti Riviera Point...

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NGOC HIEN

Source: https://tuoitre.vn/dai-gia-keppel-cua-singapore-thoai-het-von-tai-du-an-o-tp-thu-duc-thu-loi-to-20250402160138236.htm