Corredance has a 40% equity interest in the project company, Empire City, which it acquired for US$93.9 million or $131.6 million at the time.
Keppel, through its wholly-owned subsidiary Corredance, has filed a notice of arbitration with the Singapore International Arbitration Centre against Denver Power Ltd, Tien Phuoc Real Estate Joint Stock Company and Tran Thai Lands Company Limited (collectively, the respondents) over claims arising from an investment agreement dated March 2, 2016.
The agreement relates to a development that was intended to be built in the south of the core of Thu Thiem New Area in Ho Chi Minh City, Vietnam. In Keppel’s release dated March 2, 2016, the development was meant to be a 14.6-hectare waterfront site comprising residential apartments, office and retail properties as well as an 86-storey integrated mixed-use tower complex.
