Singapore developer sells Vietnam hotel for US$49 million: report
Singaporean developer Low Keng Huat Limited has reportedly sold a four-star hotel in downtown Ho Chi Minh City to an undisclosed investor for US$49 million.
The sale of Duxton Hotel Saigon on Nguyen Hue Street was confirmed by research company Savills Vietnam, news website VnExpress reported on July 6.
Last month the Republic of Korea's carrier Asiana Airlines reportedly sold a 50% stake in Kumho Asiana Plaza, a serviced apartment and hotel complex also in District 1, to Saigon Boulevard Holdings for US$107.5 million.
The buyer is a subsidiary of Singaporean developer Mapletree Investments Pte.
In April, Que Huong Liberty Corporation, which owns several hotels in HCMC, said it sold Novotel Saigon Centre, another four-star hotel in the downtown area, to a Vietnamese investor, reportedly for US$46.7 million.