Keppel said Vietnam remains one of its core real estate markets, holding a land bank of 6,937 housing units as of end-September, equivalent to 23% of its total residential portfolio. Its commercial assets in the country span 401,210 square meters, representing 26% of the total.

Beyond real estate, Keppel is accelerating its transition toward clean and low-carbon energy. Its Sustainable Solutions and Decarbonisation division recently signed new Energy-as-a-Service (EaaS) contracts across six key markets: Vietnam, China, India, the Philippines, Singapore, and Thailand.

Vietnam also featured prominently in Keppel’s divestment strategy. In the first quarter, the group sold a 22.6% stake in phase three of the 19,668-square-meter Saigon Centre complex in Ho Chi Minh City, raising SGD98 million ($76.5 million). Following the latest divestment, Keppel now retains a 41.4% stake in the project.

Part of the Saigon Centre project in Ho Chi Minh City, southern Vietnam. Photo courtesy of Nbbj.com.

It also divested a 42% stake in the Palm City urban project for SGD141 million ($108.14 million). In July, Keppel completed its full exit from Nam Long Group (HoSE: NLG) after selling more than 29.4 million shares for SGD58 million ($44.48 million).

Keppel said the transactions are part of its broader strategy to restructure its portfolio, unlock capital for reinvestment, and reinforce its positioning as a leading provider of sustainable urban solutions in Asia.

The company recently received an amended investment certificate for phase three of its flagship Saigon Centre project in HCMC. Phase 3 will feature two new towers – Saigon Centre IV and V – spanning about 8,623 square meters, and will add premium office, retail, and hospitality space to the downtown complex.