Strong interest for The Estella has been gathering momentum ahead of the launch of its new release this weekend. Thus far, an encouraging 70% of some 518 units released for sale, have been sold.

Located in the popular residential area of An Phu Ward, District 2, The Estella is jointly developed by Keppel Land's wholly-owned subsidiary, Keppel Land Estate Pte Ltd, and established local property developer, Tien Phuoc Co, Ltd.

Construction for Phase 1, which comprises 719 units, is presently progressing on track at ninth to tenth floors, with completion expected in 2012.

The average price range achieved for apartments at The Estella is US$2,000 - US$2,200 psm. Buyers consist of mainly locals, and the rest are expatriates and overseas Vietnamese (Viet Kieus) who are eligible to purchase.

Mr Linson Lim, Chief Representative of Keppel Land Vietnam Properties, CEO of Southeast Asia, Keppel Land International Limited and Board Member of Estella JV Co said, "We are encouraged by the continued positive interest in The Estella and are confident that with its prime location and quality, as well as the new attractive finance scheme offered, the development will draw even more home buyers.

"Many buyers have expressed their appreciation of this eco-friendly and urban lifestyle development, from its quality masterplan and design, to their confidence in Keppel Land as a reputed foreign developer.

"The return of positive sentiments in Vietnam's growth has also fuelled interest from locals, expatriates and Viet Kieus who want to share in the rental and capital appreciation of quality properties, he added.

Targeted at the upper-income market, the proposed development will offer residents a quality lifestyle with a comprehensive range of recreational facilities including a clubhouse, a 50-m swimming pool and tennis courts in lush surrounds and under 24-hour security.

Keppel Land and Tien Phuoc will be introducing a new payment scheme for this new release:

Interest Assistance Scheme

A special tie-up with Bank for Investment and Development of Vietnam (BIDV) for an Interest Assistance Scheme, which is available for a limited period, as follows:

1. 10% of sales price for Sales & Purchase agreement
2. 10% of sales price three months later
3. The next 10% due on 31 March 2010
   Note: A minimum 30% payment must be paid by the buyer first, with the remaining through loan
4. No repayment of principal nor interest until September 2012 or upon completion, whichever is earlier (The interest during this period is absorbed by the developer)
   
5. The buyer will make repayments (both principal and interest) from September 2012 or upon completion, whichever is earlier

Situated along the Hanoi Highway, The Estella is only 6.5 km away from the Central Business District and a convenient 15-minute drive to the city centre and the Saigon High-Tech Park in District 9, where Intel's US$1 billion test and assembly plant is being developed.

In April this year, The Estella became the first property in Vietnam to be conferred the Green Mark Gold Award by the Building and Construction Authority (BCA) of Singapore.

The Estella will incorporate some of the latest green technology which is expected to yield an overall annual savings of 23% and 48% in energy and water consumption respectively.

Some of its green initiatives include solar roof panels, use of low Volatile Organic Compound (VOC) paint and low emission formaldehyde composite wood. The development also features thoughtfully-designed elements such as laminated glass windows and doors, natural ventilation-enabled interiors as well as roof and sky gardens, providing residents with a cooler and quieter environment.