S'pore KepLand gets $206mln Vietnam project approval

SINGAPORE, March 4 (Reuters) - Singapore's Keppel Land (KLAN.SI) said on Tuesday it has obtained permission from the Vietnam government to develop a 2,400-unit apartment project in Ho Chi Minh City, at an estimated cost of $206 million. The first phase of 700 units in the joint venture project, with Vietnam developer Tan Truong, will be launched for sale in the fourth quarter of 2008, KepLand said in a statement.

The development sits on a 408,500 sq m (4.4 million sq ft) site fronting the Ca Cam River, 6.5km outside the city's Central Business District, the company said. (Reporting by Daryl Loo, editing by Neil Chatterjee)