Keppel Land and Vietnam-based Khang Dien Group have entered into a Memorandum of Understanding (MOU) to collaborate on the development of residential projects and sustainable urban projects in Ho Chi Minh City.

Since entering the country in the early 1990’s, JCube Residence Keppel Land has made investments in Vietnam totaling US$3.5 billion as well as developing more than twenty projects. Current developments by Keppel Land in Ho Chi Minh City include Estella Heights, Celesta Rise and the Grade-A commercial Saigon Centre.

Louis Lim, CEO of Keppel Land, expressed pleasure at the collaboration between the two companies, noting Keppel Land’s commitment to long term growth potential in Vietnam and the contribution they will make to the country’s sustainable development.

The MOU has no binding obligations and is not estimated to have any material influence on the earnings per share or net tangible assets per share of Keppel Corp in the current financial year.

Keppel Land recently formed another Joint Venture with Vietnam’s Phu Long to create a new landed housing project in Ho Chi Minh City.

Despite Hong Kong falling from global real estate investors’ radars, Asia-Pacific remains a hive of activity as investors eye up more assets. Singapore in particular is ranked as the second most preferred city for investors.