Ho Chi Minh City, 9 May 2024 – Keppel Ltd., through its Real Estate Division, FiCO Pan-United Concrete Joint Stock Company (“FiCO PanU”) and Coteccons Construction Joint Stock Company (“Coteccons”) have signed a Memorandum of Understanding (MOU) to explore the use of sustainable concrete, ready-mix mortar and other innovative architectural materials, as well as construction methodologies utilising 3D printing in The Infiniti, the third phase of Keppel’s Riviera Point residential development. This can be scaled up and extended to other phases of the Riviera Point development.

As part of this collaboration, Keppel will be the first real estate company in Vietnam to incorporate sustainable concrete solutions via CO2 Mineralised Concrete (CMC) technology in its project, which enables the embodied carbon to be reduced at the construction stage. The superstructure of The Infiniti will incorporate CMC technology, which introduces captured CO₂ into fresh concrete, to remove 1,241 tonnes of embodied carbon¹, without compromising the performance of the concrete. In addition, earlier in March 2024, the mass foundation of The Infiniti was completed using a specialised Very Low-Carbon concrete, which reduced a total of 1,562 tonnes of embodied carbon emissions at that stage, compared to the use of conventional concrete. FiCO PanU estimates that on completion, The Infiniti, including its superstructure, would remove a total of 2,803 tonnes of embodied carbon compared to using conventional materials. This is estimated to be equivalent to carbon sequestered by 46,348 tree seedlings grown over 10 years subject to certain assumptions¹.

The MOU signing was witnessed by Mr Louis Lim, CEO, Real Estate, Keppel Ltd., Mr Joseph Low, President, Real Estate (Vietnam), Keppel Ltd., Mr Ken Loh, COO of Pan-United Corporation Ltd Singapore and Co-Chairman of FiCO Pan-United Concrete JSC, Mr Pham Quang Dinh, Co-Chairman of FiCO Pan-United Concrete JSC, Mr Pham Viet Thang Vice General Director FiCO Corporation JSC and Mr Vo Hoang Lam, CEO of Coteccons. The signatories were Mr Lee Leong Seng, Head of Property Development/Residential, Real Estate (Vietnam), Keppel Ltd. and General Director of Riviera Point LLC, the developer of Riviera Point, Mr Steven Loh, General Director of FiCO Pan-United Concrete JSC, and Mr Nguyen The Phu, Managing Director, Coteccons.

Mr Lee Leong Seng, Head of Property Development/Residential, Real Estate (Vietnam), Keppel Ltd. and General Director of Riviera Point LLC, said, “As a longstanding investor in Vietnam, Keppel is committed to advancing the country’s sustainable development. We are pleased to embark on this partnership with FiCO PanU and Coteccons to incorporate sustainable concrete solutions into our Riviera Point development, starting with The Infiniti, which supports our carbon reduction goals as we contribute towards a greener built environment.”

Mr Steven Loh, General Director of FiCO PanU, said, “This milestone collaboration attests to the strong and longstanding relationship we have built with Keppel and Coteccons for over a decade, since we entered the market in Vietnam in 2011. We have a shared commitment towards the sustainable building of Vietnam’s city skyline, and to strongly support Vietnam in achieving its goal of Net-Zero Carbon emissions by 2050. The innovative use of CMC technology spearheads a new dimension in Vietnam’s built environment industry to remove and reduce carbon emissions before a development project is completed.”

Mr Nguyen The Phu, Managing Director, Coteccons, said, “Coteccons is firmly committed to implementing ESG principles throughout our entire value chain. We actively implement a range of ESG solutions, from utilising renewable energy sources and minimising carbon emissions, applying the 3R model (Reduce, Reuse, Recycle) at our offices and construction sites. This dedication extends beyond our own operations and encompasses our partners and subcontractors that not only share our commitment to environmental protection but also provide sustainable products and services that meet the exacting standards of environmentally conscious companies like Keppel. By prioritising ESG principles and fostering collaboration with like-minded partners, Coteccons is proud to contribute to a more sustainable future for the construction industry.”

The Infiniti features a biophilic design which seamlessly weaves the elements of nature into its architecture and layout. It offers the largest private water playground amidst a lush Hawaiian-inspired landscape in District 7 of Ho Chi Minh City. As a testament to Keppel’s commitment to offering future residents a green and sustainable lifestyle, The Infiniti, as part of the Riviera Point development, received the Green Mark Gold certification from the Building and Construction Authority of Singapore and the Green Property Award at the Vietnam Outstanding Property Awards 2023.

From left to right, Mr Steven Loh, General Director of FiCO PanU, Mr Lee Leong Seng, Head of Property Development/Residential, Real Estate (Vietnam), Keppel Ltd. and General Director of Riviera Point LLC, and Mr Nguyen The Phu, Managing Director, Coteccons, signed the MOU at the event.

Mr Louis Lim (third from right), CEO, Real Estate, Keppel Ltd., Mr Joseph Low (fourth from right), President, Real Estate (Vietnam), Keppel Ltd., and the representatives of FiCO PanU and Coteccons performing the commitment ceremony at the event.

The representatives of Keppel, FiCO PanU and Coteccons taking a group photo.