Keppel unlocks S$354m through strategic partnership for Saigon Sports City

Advances asset-light strategy while retaining 30% stake to drive long-term development of the 64-ha integrated township in Vietnam. 

Keppel Ltd. (“Keppel”), through its Real Estate Division, has partnered real estate companies HTV Dai Phuoc Company Limited and Vinobly Investment Real Estate Joint Stock Company, who will collectively acquire from Keppel, a 70% stake in Saigon Sports City Limited (“SSCL”), following amendments to the terms of divestment announced in September 2024. SSCL is the developer of the 64-hectare (“ha”) integrated township, Saigon Sports City, in Ho Chi Minh City, Vietnam. 

Under the amended divestment terms, Keppel will receive total cash proceeds of approximately VND7,130 billion (approximately S$354 million), comprising consideration for the 70% equity interest and repayment of a shareholder loan. This final consideration falls within the initially expected range of about S$344 million to S$391 million, announced in September 2024. The transaction has been further streamlined and derisked with the local partners assuming responsibility for securing the remaining regulatory approvals for construction and pre-sales. 

With the amended agreement now unconditional, the transaction’s expected completion has been brought forward to 4Q 2025, subject only to approval from the Vietnamese authorities for the equity transfers. The amended terms not only accelerate project timelines and reduce execution risk, but also preserve the strong value creation for Keppel, with the transaction expected to generate an estimated net gain of S$114 million, comprising divestment gain and remeasurement gain of the 30% retained equity stake in SSCL. 

Post-transaction, Keppel will retain a 30% stake in Saigon Sports City, through which it will continue to drive the project management and development of Saigon Sports City, in line with the Company’s asset-light strategy as a global asset manager and operator. 

Mr Louis Lim, CEO, Real Estate of Keppel Ltd., said, “This milestone reflects how we are executing Keppel’s asset-light strategy with a focus on improving risk-adjusted returns. By bringing onboard like-minded local partners for Saigon Sports City, we can unlock value sooner, whilst retaining a 30% stake in an iconic project in Ho Chi Minh City. Keppel will further derive recurring income from driving the project’s master planning and development, in close collaboration with our partners. 

“Keppel is privileged to have been able to contribute to Vietnam’s sustainable urban transformation for more than 30 years. With our deep capabilities in urban development and strong local partnerships, we are committed to developing Saigon Sports City into a smart and sustainable integrated development that supports Vietnam’s long-term development plans.” 

Keppel will work with its partners to develop Saigon Sports City into an iconic landmark in Ho Chi Minh City, featuring Vietnam's one-stop sports, entertainment and lifestyle hub, as well as over 3,000 premium homes. The site has been cleared and the applications for government approvals and permits are underway. 

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About Keppel Ltd. 

Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.