Watson Farley & Williams (WFW), VILAF and WongPartnership have advised on Keppel Group’s SGD343 million (USD270 million) divestment of its entire 40% equity in Empire City, a real estate development in Ho Chi Minh City, Vietnam.
VILAF said Keppel, which was headquartered in Singapore, would sell 20% stakes to Denver Power Vietnam and Golden Axis Company.
WFW advised Denver Power Vietnam and Golden Axis Company, with the team led by partner and Vietnam office head Linh Doan, who was supported by associate Linh Hoang and trainee Ha Hoang.
“We advised on all sorts of regulatory and compliance matters including M&A, first right refusal, structuring, regulatory approvals, banking regulations, escrow bank account and foreign currency regulations among others,” Doan told Asia Business Law Journal.
VILAF counselled Keppel throughout the transaction, including negotiating and bringing the transaction to agreement. Managing partner of the Ho Chi Minh City office Tung Ngo led the team with senior partner Hien Truc Nguyen and partners Hien Tran and Ngan Nguyen. Further support was provided by senior associate Viet Nguyen, supervising associate Chi Nguyen and associates Quy Anh Nguyen and Dang Nguyen.
Singaporean law firm WongPartnership also advised Keppel, with the team comprising deputy head of commercial and corporate disputes Wendy Lin and partners Goh Wei Wei, Anna Tan and Jayne Lee.
The transaction is expected to be completed in the fourth quarter of 2026, subject to approval for registration of the equity transfers and satisfaction of the applicable conditions precedent.
Keppel said Empire City occupied a 14.6-hectare waterfront site in Ho Chi Minh City’s Thu Thiem New Urban Area. The development is set to comprise around 3,000 premium residential apartments, office and retail space, along with an 86-storey integrated mixed-use tower complex. It is expected to become Ho Chi Minh City’s largest economic, commercial and financial centre.
