Empire City Thu Thiem 2026: Keppel Exits Entirely as the Project Joins the Foreign-Ownership List
Two things happened at Empire City in August 2026, days apart. On 5 August, Singapore’s Keppel signed a conditional agreement to sell its entire 40% stake in the project’s developer for about US$270 million. Shortly after, the complex appeared on Ho Chi Minh City’s list of developments foreigners are permitted to own. Read together, the two headlines have produced a lot of confident commentary — much of it wrong, including a unit count that is being multiplied by 30% to produce a foreign allowance that does not exist.
Empire City Thu Thiem — Key Facts
Table of Contents
Two Headlines, Days Apart
First: Keppel is selling out entirely. On 5 August 2026, Keppel announced a conditional agreement to transfer its full 40% stake in Empire City LLC — the developer — for S$343 million, roughly US$270 million. The stake splits two ways: 20% to Denver Power Vietnam, a subsidiary of existing shareholder Denver Power Ltd, and 20% to Golden Axis, a vehicle 99.99% owned by the project’s Vietnamese founders, Tran Thai and Tien Phuoc. Payment is in cash across three tranches, the last of which follows regulatory approval of the transfer. Completion is expected in Q4 2026.
Once closed, ownership would sit at roughly 50% Tran Thai and Tien Phuoc and 50% Denver Power Ltd.
Second: the project is on the city’s foreign-ownership list. In the August 2026 update, the Thu Thiem Observation Tower Complex — Empire City’s registered name — appeared among the developments where foreign organisations and individuals may own housing, taking the citywide total to 148 projects. The same batch included a lot 3-11 development in Thu Thiem and Xi Riverview Palace in the former Thao Dien area, both by Vietnam GS Enterprise.
A note on sourcing: Vietnamese outlets do not agree on which numbered announcement this was — some call it the tenth, others the eleventh. The total of 148 is consistent across them. Nor is this the first time foreigners have owned here: the completed phases already have foreign owners from earlier sales.
How Should a Buyer Read Keppel's Exit?
This is the right question to ask, and the honest answer is that it supports two readings, with not enough public information to settle between them.
The cautious reading. A listed foreign partner leaving a flagship project entirely after roughly a decade is a material event. Vietnamese coverage places the deal alongside a dispute over the project’s land financial obligations — the details of which have not been fully disclosed by either side, so it deserves care rather than confident interpretation. The fact that the project’s signature tower still has not started construction belongs in the same column.
The ordinary-course reading. Keppel describes the sale as portfolio rebalancing, something it does across multiple markets. The buyers are not newcomers: Denver Power was already a shareholder, and Tran Thai and Tien Phuoc founded the joint venture. In other words, this is existing shareholders consolidating, not an unknown party taking over.
What actually matters if you are buying an apartment: in the three completed phases, title has already transferred to residents and does not depend on who holds equity in the developer. Shareholder risk bears mainly on phases not yet delivered and on the timeline for what remains unbuilt. Buying a resale unit that already has its pink book, the exposure is indirect; buying off-plan, it belongs in your due diligence.
Graphic: Realtique research, compiled from Keppel disclosures and press reports, August 2026.
Eleven Components, Four on the Market — Where the Confusion Starts
Empire City is not a single building but a complex of roughly 14.5–14.6 hectares with about 730,000 m² of floor area, combining a five-star hotel, retail, offices and residential towers ranging from 25 to 88 storeys. Across the full masterplan it is planned to deliver approximately 3,787 apartments.
Only four residential phases have reached the market:
- Linden Residences (MU4) — completed and handed over.
- Tilia Residences (MU7) — completed and handed over.
- Cove Residences (MU11) — completed and handed over.
- Narra Residences (MU8) — broke ground in November 2025 with contractor Ricons, expected to complete around Q2 2027. That date is not a final commitment.
The remainder of the masterplan has not launched. This is the crux: 3,787 describes the entire plan, most of which is still on paper — not inventory you can choose from today.
The figure of 3,787 apartments is the total planned across the whole masterplan — it is not a quantity released to foreign buyers. Because the 30% cap applies to each individual building, the widely repeated calculation of “3,787 × 30% = over 1,100 units available to foreigners” is wrong in principle, not merely imprecise.
So Which Phases Actually Have Foreign Room Left?
Under the 2023 Housing Law, foreign organisations and individuals may own up to 30% of the apartments in a single apartment building, or up to 250 landed homes within one ward-level administrative unit. The ceiling is measured per building — not per project, and not across a complex.
Applied to Empire City:
- Linden, Tilia and Cove — handed over and trading for years. In buildings with that much sales history, much of the foreign allowance is already consumed. In practice you may need an existing foreign owner to sell before a slot frees up, or to consider a long-term lease structure instead.
- Narra Residences — primary stock still under construction, so room is more likely, though you still need current figures for that specific building.
- The unlaunched phases — where the full 30% remains intact, at the cost of having nothing to buy yet and no confirmed launch date.
So "Empire City has opened to foreigners" is accurate about the list and misleading about the inventory. The non-negotiable step before any deposit: obtain written confirmation from the management board or developer of the current foreign ownership ratio in that exact building. A transaction that breaches the cap cannot be titled. Our guide to checking the 30% quota walks through how to ask and what documents to request.
Separately, foreign ownership of an apartment runs for 50 years with the possibility of renewal, unlike the indefinite tenure Vietnamese citizens hold.
Graphic: Realtique research, compiled from Keppel disclosures and press reports, August 2026.
Empire 88 Tower Is Still Waiting on a Construction Permit
The component that draws the most attention is Empire 88 Tower: a central tower of 88 storeys, about 333 metres, which on completion would overtake Landmark 81 as Vietnam’s tallest building.
The current position is worth stating plainly, because much of the material online is more upbeat than the facts support: the tower has not broken ground. According to the developer and its distributors, planning and design documents are complete and lodged, but the project is still awaiting a construction permit. A Q4 2027 completion date has circulated, but it is an expectation and has not been confirmed by the authorities. The land financial obligations attached to this component have also been the subject of official review.
Treat Empire 88 Tower as optionality, not as value you are already paying for. The firmer part of the case is the core Thu Thiem location and the phases that exist and operate today.
Pricing as of August 2026
With most delivered stock now trading second-hand, reference pricing comes largely from the resale market. Asking prices recorded on listing platforms and through distributors in August 2026 cluster around VND 125–200 million per m², varying by building, floor, view and fit-out.
For orientation: one-bedroom units of roughly 60–64 m² in Tilia Residences have been quoted at VND 10.8–13.5 billion; two-bedroom units of about 90 m² in Narra Residences from around VND 21 billion, higher for river-facing stock.
How to read these: they are asking prices set by sellers, not recorded transaction prices, and the spread between units in the same building can be wide. For context, Q2 2026 data put primary central-district pricing at around VND 98 million per m² — the figures above reflect Thu Thiem’s luxury positioning rather than the city-centre norm. Talk to a Realtique advisor for actual achieved prices on a specific unit and the transaction history of the building.
The Thu Thiem Backdrop: Financial Centre, Metro and the TOD Hub
None of the long-term drivers for the district change because of an equity transfer, and this is where the investment case actually sits:
- Vietnam’s International Financial Centre — the 898-hectare boundary is set, with Thu Thiem as a core component. Tenant demand from international finance professionals is the most direct argument for apartments here.
- Thu Thiem Station — planned as a major transit-oriented interchange where several urban rail lines and the Long Thanh airport connection converge.
- The Thu Thiem – Long Thanh railway — the largest single item in the city’s 2 September 2026 construction pipeline, although specific start dates are still being finalised.
The location remains the strongest and most stable element of the case. What is changing is the ownership structure of the developer and the schedule for everything still unbuilt — two things to track rather than ignore.
Frequently Asked Questions
Is Keppel still a shareholder in Empire City?
On 5 August 2026 Keppel signed a conditional agreement to transfer its entire 40% stake in Empire City LLC for S$343 million (about US$270 million). Completion is expected in Q4 2026, subject to regulatory approval. After closing, ownership would be roughly 50% Tran Thai and Tien Phuoc, and 50% Denver Power Ltd.
Are all 3,787 Empire City apartments available to foreign buyers?
No. The 3,787 figure is the total planned across the entire masterplan, most of which belongs to phases that have not launched. The foreign cap is a maximum of 30% of the apartments in each individual building, not a share of the project total — so multiplying 3,787 by 30% produces a number with no legal meaning.
Which Empire City phases can a foreigner realistically buy today?
The three handed-over phases — Linden, Tilia and Cove — have been trading for years, so much of their foreign allowance is already used; buying often means waiting for an existing foreign owner to sell. Narra Residences, still under construction, is more likely to have room. In every case, get written confirmation of the building’s current foreign ownership ratio before placing a deposit.
Has Empire 88 Tower started construction?
No. As of this article the 88-storey tower (about 333 metres) is still awaiting a construction permit, although planning and design documents have been completed and lodged. The Q4 2027 completion date that has circulated is an expectation and has not been confirmed by the authorities.
Does Keppel’s exit affect apartments that have already been handed over?
For units already delivered and titled, ownership rests with the residents and does not depend on who holds equity in the developer. The impact of a shareholder change falls mainly on undelivered phases and the timeline for the remaining components — which matters if you are buying off-plan.
How much does an Empire City apartment cost?
Resale asking prices recorded in August 2026 generally fall between VND 125 and 200 million per square metre, depending on building, floor and view. These are asking prices rather than achieved transaction prices, and the spread between units can be substantial.
⚠️ Please note: Keppel’s share transfer is a conditional agreement, expected to complete in Q4 2026 and still subject to approval by the competent authorities — it is not a settled outcome. Construction timelines (Narra Residences, Empire 88 Tower) and the prices cited are compiled from developer, distributor and press sources as at August 2026 and may change. Prices quoted are asking prices, not transaction prices. Foreign ownership ratios must be confirmed per building at the time of purchase. This article is not legal, financial or investment advice — speak to a Realtique advisor about your specific situation.
Want to know which Empire City building still has foreign room?
Realtique obtains written confirmation of the current foreign ownership ratio per building, and checks it against transaction history, before you commit.
Grace Le
Grace Le advises international buyers on Ho Chi Minh City real estate, with a focus on how infrastructure timelines translate into realistic investment horizons.
