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NLG: Nam Long corporates with Japanese Nishi Nippon Railroad in $306.5 million project
Vietnam Investment Review - 7/17/2018 10:00:19 AM
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According to the agreement, Nam Long, Japanese investors - Nishi Nippon Railroad, TBS Group and Tan Hiep Investment Co Ltd will contribute to the total investment capital of VND6.9 trillion ($306.5 million) to implement phase 1 of Waterpoint Township with the estimated stake holdings of 50 per cent, 35 per cent, 10 per cent and 5 per cent respectively.
This project will secure the sustainable development of Nam Long in the next 5-10 years.
According to Steven Chu Chee Kwang, general director of Nam Long, this was one of the most significant milestones of the corporation, proving internal strength, the ability to develop the real estate ecosystem, the ability to unlock the land fund and attract investment capital of Nam Long.
Kwang said that the preparation for Waterpoint has been carried out for almost 15 years, from land clearance and compensation process, to research, design and planning according to international standards.
“The process takes into consideration the sustainability, the solutions for preserving the nature and protecting the local ecological environment, including the whole water surface and 50-metre wide natural vegetation corridor along the bank of the Vam Co Dong River. We strongly believe that Waterpoint will become one of the most desirable urban areas in the southern Vietnam,” he said.
Toru Shigemizu, executive officer of Housing Business Division and deputy director of Nishi Nippon Railroad, said that so far, two sides have continuously partnered in five projects.
“We strongly believe in Nam Long by the way they make its commitments to us in particular, and our customers in general. This sixth project of 165-hectare Waterpoint continues to be our cooperation in depth and width. Not only sharing the capital contribution, we will be working together to exchange experiences in real estate development, how to manage resident communities to create added value for the real estate market in Vietnam,” Shigemizu said.
Waterpoint is located at the front of Provincial Road 830, extended from Duc Hoa town to Saigon - Trung Luong Highway and Highway No.1 and Ben Luc town. This project owns the important traffic knots of roadway, waterway and railway connecting directly Ho Chi Minh City and the Mekong Delta.
Cushman & Wakefield, an international real estate consulting firm, has reportedly revalued the property value of the 165-hectare, which is equivalent to 45 per cent of the Waterpoint project (355ha).
In phase 1, the Waterpoint development includes a central park of over 20ha, 17ha for university and international school, 3ha for healthcare services, and 2.5ha of accommodation area.
By Bich Ngoc
Read original article here
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