KepLand: Obtained masterplan approval for integrated waterfront resi dev in Ho Chi Minh City (HCMC), Vietnam. The 30 hectare site is expected to comprise of 6,430 homes supported by quality retail, comm, educational and medical facilities of total gfa of 1m sqm. The 1st phase of dev is expected to be approx 1500 waterfront apt units tgt in 2012…
Co has also built 500 homes to HCMC People's Committee in a separate location in exchange for the 30 ha site. These homes are part of a public priv initiative to build a resettlement housing proj and a further 1300 homes will be delivered over the nxt 2 yrs. This proj will be undertaken together with its JV partner Tien Phuoc which it earlier secured a 13.5 ha waterfront site with as well…
Co has recently been expanding in both China and Vietnam in residential space. Co trades at current P/B 1.2x but YTD share price performance has been similar to that of Capitaland at current P/B 0.9x.
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