20 September 2011
Keppel and Tan Truong award main contract for Riviera Point to Ssangyong
Keppel Land and established local property developer, Tan Truong Co, Ltd, has through its joint venture company, Riviera Point LLC, awarded the main contract for Riviera Point, worth about VND 1,202 billion, to South Korean builder, Ssangyong Engineering & Construction Co., Ltd.
This key milestone will kickstart the development of the riverfront homes at Riviera Point, the tallest condominium project in District 7, Ho Chi Minh City, Vietnam.
Said Mr Tran Minh Tan, General Director of Tan Truong Co. Ltd, "We had received a number of bids for the project but the joint venture partners were happy to find a like-minded partner like Ssangyong who has built up a strong reputation for quality. We are confident that Ssangyong will deliver the project on time and execute it to the high standards of quality that we envisage for the project."
Mr Linson Lim, President (Vietnam, Thailand and the Philippines) of Keppel Land International Limited, added, "Apart from having a strong proven track record for delivering high quality projects on time across Asia and also in Vietnam, Ssangyong also shares Keppel Land's commitment to safety.
"We have received very positive response for Riviera Point since its launch in June this year, with over 65% of 268 units released for sale sold. With its prime location, quality and integrated lifestyle concept, we believe it will continue to attract discerning home buyers who are on the lookout for well-executed projects developed by a reputable developer."
Situated along the 40-metre wide Ca Cam River, Riviera Point is a 15-minute drive to District 1 and only five minutes away from the established residential precinct of Phu My Hung via the new Phu Thuan Bridge, as well as a short drive to other districts via Phu My Bridge.
Targeted at the middle-income market, Riviera Point will offer residents a distinct leisure and luxurious lifestyle. About 60% of the site area is dedicated to a comprehensive range of recreational facilities and amenities. A wide variety of shops and restaurants by the riverfront is also set to enhance the lifestyle of the residents. Other key highlights of Riviera Point are a 404-metre recreation deck on the fifth storey of the development and sky gardens in every tower.
The initial collection of homes at Riviera Point comprises 549 units and is expected to be completed in 2015. The entire waterfront development, to be developed in phases, consists of a total of 2,400 units spread across 18 residential towers. The waterfront development will also feature round-the-clock security and full electricity back-up.
The above announcement is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Land Limited for the current financial year.