The signing ceremony between Nam Long, NNR and Hankyu to develop Kikyo Residence Project. — VNS Photo

HCM CITY (Biz Hub) — Real estate developer Nam Long Investment JSC (HOSE: NLG) has concluded a contract with two Japanese partners for a new residential development in HCM City's District 9.

Hankyu Realty and Nishi Nippon Railroad will each pick up a 25 per cent stake in the VND630 billion (US$28 million) Kikyo Residence.

The development, near the HCM – Long Thanh-Dau Giay Expressway and metro line No 1 from Ben Thanh to Suoi Tien, will feature 110 villas and 234 apartments.

There will also be a primary school, a lake, a swimming pool, playground for kids, green space and other facilities on a 5.3ha property.

"The investment agreement provides a solid foundation in terms of finance and property development experience, facilitating the project to be completed in time with high quality," Nam Long CEO Steven Chu said at the signing ceremony on Tuesday.

Work began in April, and the villas will be completed by the fourth quarter of 2017, and the apartments, by the first quarter of 2018. — VNS