Singapore-based Keppel Land (KLL), a property arm of property to asset management company Keppel Corp., is selling a 70 percent interest in a township in Vietnam, Dong Nai Waterfront City, for a consideration of 2,313 billion Vietnamese dongs ($100.3 million).

Keppel Land is divesting the stake to Vietnamese real estate properties developer Nam Long Investment Corporation.

The proposed sell is consistent with Keppel Land’s strategy to recycle assets to seek higher returns.

Keppel Land said that the funds generated from the transaction will be used to seek other opportunities in Vietnam. KLL will retain a 30 percent stake in Dong Nai Waterfront City after the deal.