Keppel Land sells 70% of Saigon Sports City capital to 2 Vietnamese companies

Keppel Group (Singapore) announced that its subsidiary Jencity will divest 70% of its capital in Saigon Sports City - the unit holding the right to develop the 64ha project in Ho Chi Minh City.

Accordingly, Jencity divested 35% of Saigon Sports City's charter capital to HTV Dai Phuoc Company Limited (headquartered in Bien Hoa City, Dong Nai ), divided into 2 installments, 5% and 30% respectively.

Jencity will also sell 35% of Saigon Sports City's charter capital to Vinobly Real Estate Investment Joint Stock Company (headquartered at Vinhomes Grand Park, HCMC).

The remaining 30% of charter capital of Saigon Sports City is held by Jencity.

Perspective of Saigon Sports City project (Photo: Keppel).

Also according to the announcement from Keppel, HTV Dai Phuoc paid about 320 billion VND for 5% of capital and about 2,879-3,290 billion VND for 30% of capital.

For the 35% capital sold to Vinobly, the transfer value is around VND 3,359 billion to VND 3,839 billion.

The amount Keppel will receive for the above transactions is subject to the satisfaction of certain conditions, including the receipt of regulatory approvals for the project.

Saigon Sports City is a complex of apartments and sports areas in Rach Chiec Sports Complex, Thu Duc City, Ho Chi Minh City. The project started construction in 2019 and received a 1/500 scale approval decision from the Ho Chi Minh City People's Committee.

The project is expected to provide the market with 4,300 luxury apartments, along with a sports complex, entertainment center... with a total investment capital of up to 500 million USD.

Source: https://dantri.com.vn/bat-dong-san/keppel-land-ban-70-von-saigon-sports-city-cho-2-cong-ty-viet-20241001172837396.htm