Friday 29 Mar 2024
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SINGAPORE (Oct 2): Keppel Land says it is progressing into Phase Two of developing a 37-storey office tower in Saigon Centre, its landmark mixed-use development in Ho Chi Minh city.

Meanwhile, its retail podium, which is currently under construction, has achieved a pre-commitment of about 40%.

Anchor tenant, Takashimaya, will house its first department store in Vietnam in the retail podium, taking up about 15,000 sqm of retail space.

Saigon Centre Phases One and Two are jointly owned by Keppel Land, Toshin Development Co., Ltd and Vietnamese partners, Southern Waterborne and Transportation Corporation and Saigon Real Estate Corporation.

Keppel Land holds a 45.3% stake in the development.

Standing at a total of 42 storeys, Saigon Centre Phase Two will comprise 40,000 sqm of premium Grade A office space, five levels of 50,000 sm retail space and about 200 units of luxury serviced apartments.

The total investment cost for Phase Two will be about US$255 million ($324.5 million).

Keppel Land closed 1.7% lower at $3.40.

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