'Looking' at the Saigon Sports City project, Keppel has just sold 70% of its capital, estimated at nearly 7,500 billion VND
Investment news
07/10/2024
Keppel Land recently announced that Jencity - a subsidiary of Keppel Land - will transfer 70% of its capital in Saigon Sports City Company Limited, the unit that holds the right to develop a 64-hectare project in Ho Chi Minh City - Photo: NGOC HIEN
Keppel Group (Singapore) recently announced the divestment of 70% of its shares in Saigon Sports City - a 64-hectare project in Thu Duc City (Ho Chi Minh City).
HTV Dai Phuoc Company Limited will buy a total of 35% of the project capital in two phases. In the first phase, Dai Phuoc will buy 5% and pay 320 billion VND in cash and in the second phase, pay 30% (equivalent to a cash value of 2,879 billion VND to 3,290 billion VND).
The second party to buy the remaining 35% of the capital is Vinobly Real Estate Joint Stock Company. This enterprise will pay from VND3,359 - 3,839 billion.
Thus, Keppel's subsidiary can collect a maximum of VND7,440 billion from selling 70% of capital at the Saigon Sports City project. After divestment, Keppel still holds 30% of capital at the project.
Although the groundbreaking ceremony was held in 2019 and construction started in 2020, according to Tuoi Tre Online on the afternoon of October 6, the Saigon Sports City project is still in disarray with most of the area being lawns.
Speaking to Tuoi Tre Online, Ms. Tran Thi Khanh Linh - Deputy Head of Investment Department of Savills Vietnam - said that Keppel's divestment at the project, which has been stagnant for many years, could be an investment restructuring activity of the enterprise, focusing on projects that can be developed sooner.
At the same time, Ms. Linh believes that project transfer is also an opportunity for partners with advantages and capacity to implement the project.
In addition, Ms. Linh believes that for FDI investors, when entering Vietnam, they often choose projects with "clean" legal status, ready to implement immediately, so for projects that do not meet the time and profitability requirements, businesses must restructure to ensure the investment goals of the business.
In January 2020, Keppel Group started construction of the $500 million Saigon Sports City (SSC) project, but to date the project has yet to build items from apartments to sports complexes - Photo: NGOC HIEN
The two companies that bought the Keppel project are HTV Dai Phuoc Company Limited, located in Trung Dung Ward, Bien Hoa City, Dong Nai Province, with legal representative Trinh Manh Thanh, and Vinobly Real Estate Joint Stock Company, located in Vinhomes Grand Park, Long Binh Ward, Thu Duc City, with legal representative Nguyen Thanh Hoai. In the photo, the entrance to Saigon Sports City on the afternoon of October 6 - Photo: NGOC HIEN
With a total area of 64 hectares, the Saigon Sports City project is a smart urban complex. When completed, the project will provide about 4,300 luxury apartments as well as a sports complex, entertainment and lifestyle center... but by October 6, it was just an empty lot - Photo: NGOC HIEN
Opposite the Saigon Sports City project is the inter-ward road that is about to be restarted - Photo: NGOC HIEN
Next to the Saigon Sports City project is the Masterise Homes' The Global City project under construction - Photo: NGOC HIEN
In the vast campus of Saigon Sports City, there is an area used to grow ornamental plants - Photo: NGOC HIEN
A building located within the Saigon Sports City campus currently has people coming and going - Photo: NGOC HIEN
Workers are installing the project's entrance door on the afternoon of October 6 - Photo: NGOC HIEN
Saigon Sports City is divided into two sub-areas. The 26-hectare northern sub-area is a sports, entertainment and lifestyle center for District 2 with a 10,000-seat football field, a large-scale swimming pool, a water park for children, an indoor competition center, a tennis training center, sports training facilities and a gifted sports school. The 38-hectare southern sub-area is invested to develop high-end apartments, office buildings, hotels or apartments for rent, schools and other public facilities... - Photo: NGOC HIEN
In front of the Saigon Sports City project is the construction of a road connecting Mai Chi Tho to Do Xuan Hop Street - Photo: NGOC HIEN
Around the Saigon Sports City project, sports fields are being formed, in the photo is a temporary golf course - Photo: NGOC HIEN
With a scale of 64 hectares, the Saigon Sports City project belongs to the Rach Chiec sports complex, but so far the sports fields in this area are all temporary - Photo: NGOC HIEN
With the divestment of 70% of shares in the Saigon Sports City project, Keppel will collect a maximum of nearly 7,500 billion VND. One of the two acquired enterprises is headquartered in Bien Hoa, Dong Nai.
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