The World Bank’s financial arm IFC has proposed a $73 million investment in Nam Long to support the major affordable housing developer in a project in Greater Ho Chi Minh City.
In a disclosure on Friday, IFC said its latest proposed proceeds from Vietnam dong bonds will be used to finance the development of residential housing units of Nam Long’s Waterpoint Project phase 2.
It is a residential township project by the Vam Co Dong river in Long An province’s Ben Luc district, about 30 km southwest of HCMC.
Both phases comprise 359 hectares of land, with 194 for phase 2. HCMC-based Nam Long is undertaking phase 2 site clearance, drainage installation, and other earthworks. After that, the company and Japan’s Nishi Nippon Railroad Company will co-develop, construct, and market the project’s housing units.
Nam Long launched a partnership with Nishi Nippon Railroad in September 2021 to co-develop the Nam Long Dai Phuoc Township on a 46-hectare site in Dong Nai province’s Nhon Trach district, also within Greater Ho Chi Minh City.
IFC, which focuses on the private sector in developing countries, invested in Nam Long by subscribing to its shares in 2014, and that project was completed and closed in June 2017, with the company materially completing its environmental and social obligations.
Nam Long, one of the leading affordable housing developers in Southeast Asia, has three product lines covering affordable apartments, premium affordable apartments and affordable townhouses. It mainly targets low- to middle-income families in Vietnam.