Image from Keppel Land

VILAF is pleased to have advised Keppel Group (Singapore) on the sale of its entire 40% equity interest in Empire City LLC, the developer of the landmark Empire City project in the Thu Thiem New Urban Area of Ho Chi Minh City. The transaction was completed for an aggregate cash consideration of US$270 million (approximately S$343 million). The transaction marks Keppel’s full exit from Empire City.

The transaction involves the transfer of a 20% interest to Denver Power Vietnam Company Limited and the remaining 20% interest to Golden Axis Company Limited. Subject to the satisfaction of applicable conditions precedent, the transaction is  expected to be completed in the fourth quarter of 2026. This includes regulatory approval for registration of the equity transfers.

Our team provided comprehensive, end-to-end support throughout the matter, from navigating complex issues and protecting our clients’ positions to negotiating and bringing the transaction to agreement.

The VILAF team was led by Partners Tung Ngo, Hien Truc Nguyen, Hien Tran, and Ngan Nguyen, with key support from Senior Associate Viet Nguyen, Supervising Associate Chi Nguyen, and Associates Quy Anh Nguyen and Dang Nguyen.