Nam Long Group on Saturday announced three strategic investors, including Nishi Nippon Railroad, TBS Group and Tan Hiep Investment Co Ltd for phase 1 of development of the Waterpoint Township in the southern province of Long An.

According to the agreement, Nam Long, Nishi Nippon Railroad, TBS Group and Tan Hiep Investment Co Ltd will contribute to the total investment capital of VND6.9 trillion (US$306.5 million) for the project with estimated stake holdings of 50 per cent, 35 per cent, 10 per cent and 5 per cent, respectively.

This project will secure the long-term development of Nam Long over the next 5-10 years.

Located in front of Provincial Road 830, and extending from Duc Hoa Town to Sai Gon - Trung Luong Highway and Highway No 1 and Ben Luc Town, Waterpoint has favourable traffic conditions with roadways, waterways and railways connecting directly to HCM City and the Mekong Delta.

The international real estate consulting firm Cushman & Wakefield, has reportedly revalued the property value of the 165-hectare, which is equivalent to 45 per cent of the Waterpoint project (355ha) at $107 million.

In phase 1, Waterpoint will develop a 20ha central park, 17ha for a university and international school, 3ha for healthcare services, and 2.5ha of accommodation.

According to Chu Chee Kwang, general director of Nam Long, the project was expected to unlock the land fund and attract investment capital of Nam Long.

Kwang said that the preparation for Waterpoint had been carried out for almost 15 years, from the land clearance and compensation process, to research, design and planning according to international standards. — VNS