The real estate division of Keppel has divested its entire 40% equity interest in Empire City (EC) in Vietnam for an aggregate cash consideration of US$270m (€234m).
EC was established to develop a waterfront site in the Thu Thiem New Area in Ho Chi Minh City, comprising residential and mixed-use developments.
Keppel is selling a 20% equity stake in EC to Denver Power Vietnam, a subsidiary of Denver Power, and the other 20% interest to Golden Axis. Golden Axis is co-owned by two Vietnamese entities, Tran Thai Lands and Tien Phuoc Real Estate.
Lee Kok Chew, head of Keppel’s accelerating monetisation task force, said: “The divestment of EC reflects Keppel’s concerted efforts to unlock value from non-core assets, as we advance the company’s growth as an asset-light global asset manager and operator.”
With the latest divestment, Lee said the group had realised S$2.1bn (€1.4bn) in the year-to-date and achieved its target to raise S$2 to S$3bn for 2026.
“Looking ahead, we will continue to pursue further opportunities to realise value from our S$13.7bn non-core portfolio by end-2030, releasing substantial cash that can be used to invest in higher-return growth opportunities, reduce debt and reward shareholders.”
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