OPERATIONS AND MARKET REVIEW VIETNAM HO CHI MINH CITY Saigon Sports City In June 2003, Keppel Land and Hong Kong’s Chiap Hua Group entered into an agreement to develop a good class residential estate on a 68.7-ha site in Ho Chi Minh City (HCMC).

Currently under development, Villa Riviera will feature 4- and 5-bedroom villas in eight different layouts catering to the upper-income market in HCMC.

The development, known as Saigon Sports City, is positioned to meet the growing demand for well-planned residential estates in the city. Catering to the upper-income market and with proximity to many sports and recreational facilities, the development is poised to be the first to embark on a "healthy lifestyle" development concept in Vietnam.

The site enjoys good scenic river frontage and is easily accessible via the Hanoi Highway. Located just 25 minutes from the city centre, in the popular An Phu Ward in District 2, the development will comprise mainly quality housing but will include some supporting commercial complexes, and a 15-ha area designated for public sports facilities.

The surrounding area is popular with the expatriate community and the upper-income locals, and enjoys close proximity to the International Grammar School, British International School, foreign-developed serviced apartments and Metro Hypermart.

The first phase of the development comprises 250 units of highrise apartments, and will be launched in the first half of 2005.

Keppel Land will hold a 90% stake in the joint venture company, and the Chiap Hua Group will hold the remaining 10%. The joint venture is one of the first 100% foreign-owned enterprises allowed to develop and sell residential properties in the country.

Villa Riviera

Villa Riviera, comprising 113 quality villas with plot sizes ranging between 300 and 550 sm, is currently under development.

Located in the well-established residential area of An Phu Ward in District 2 in HCMC, the project enjoys an excellent scenic frontage along the Saigon River. It is also a mere 15 minutes’ drive from the central business district and is highly-accessible and well-served by major roads. The surrounding area is popular among the top echelon of the expatriate community and the upper-income locals, and enjoys close proximity to the International Grammar School, the British International School and two foreign-developed serviced apartments.

Keppel Land holds a 90% interest in this project, while joint venture partner Hiep Hoa Phat Company holds the remaining 10%.

Catering to the upper-income market, Villa Riviera will feature 4- and 5-bedroom villas in eight different layouts. Each home will have a spacious driveway and a private car porch that can accommodate two cars. Set within a gated area with 24-hour security services, the villas come complete with recreational facilities like a 30-metre infinity edge pool, a clubhouse, a gymnasium and a tennis court. The development will be launched in the first half of 2004.

Saigon Centre

Saigon Centre, in which Keppel Land holds a 68% stake, is strategically located in the Central Business District of HCMC, and is a landmark development fronting Le Loi Boulevard, the city’s main thoroughfare. To be developed in phases in accordance with market demand, this 2-ha site will comprise international-standard office buildings, serviced apartments and a hotel inter-linked by a retail podium when fully completed.

Saigon Centre is the preferred address of MNCs and a market leader in terms of occupancy and rental rates in HCMC.

Phase One, a 25-storey mixed-commercial building comprising a three-storey retail podium, 11 levels of office space, a business centre and town club, 89 units of serviced apartments and three levels of basement carpark, was completed in 1996.

The preferred address of multinational companies (MNCs), banking and financial institutions, Saigon Centre offers a high standard of service and management and is a market leader in terms of occupancy and rental rates in HCMC. The office and retail components are fully leased and the Sedona Suites HCMC serviced apartments, managed by Sedona Hotels International, enjoy high occupancy rates of around 95%.

Sedona Suites HCMC was awarded the Best Business Serviced Apartment in HCMC at the Guide Awards 2003. Jointly organised by Vietnam Economic Times magazine and Vietnam National Administration of Tourism, the Guide Awards give recognition to outstanding hospitality service providers in Vietnam who have contributed significantly towards developing and maintaining the country’s reputation as one of the friendliest destinations in South East Asia. The Guide Awards’ poll was conducted via both the Vietnam Economic Times magazine and its website, where readers voted for their favourite hospitality service providers.

Sedona Suites HCMC enjoys high occupancy rates of around 95%.

At the Tet Nguyen Dan festive competition to commemorate the start of the Lunar New Year in Vietnam in January 2004, Saigon Centre came in second runner-up for the Best Decorated Building in HCMC. Saigon Centre was short-listed by a panel of judges comprising members of the Architect’s Association of HCMC, the press and prominent artistes.

Tamarind Park

Tamarind Park is a proposed 20-storey apartment tower located at Thai Van Lung Street in HCMC’s prime District 1. It is nestled in a quiet and exclusive neighbourhood and yet has the convenience of a city centre location with the city’s commercial and shopping belt only a stone’s throw away.

This development, in which Keppel Land holds a 60% stake, will feature a total of 173 residential units, complete with recreational facilities.