Real estate major Nam Long sells 25% project stake to Japanese partner for $26 mln
Vietnam real estate major Nam Long Group has sold a 25% stake in its 45-hectare Nam Long Dai Phuoc project to Japanese partner Nishi Nippon Railroad for VND662 billion ($26 million).
In a Monday statement, the group, listed on the Ho Chi Minh Stock Exchange (HoSE) as NLG, said it can earn a post-tax profit of VND200 billion ($7.86 million) in the second quarter of this year from the transaction.
An illustration of the 45-hectare Nam Long Dai Phuoc township project in Dong Nai province, southern Vietnam. Photo courtesy of Nam Long Group.
Located in the southern province of Dong Nai, the project has strategic location advantages of being close to Ho Chi Minh City, various expressways in the southern region, and Long Thanh airport that is under construction in Dong Nai province.
The project has completed site clearance and land leveling, and received its 1-to-500 ratio master plan and land use right certificates, the group said.
In September 2021, NLG introduced Nishi Nippon Railroad as joint developer of the Nam Long Dai Phuoc project, which was the eighth such cooperation between the two sides.
As planned, the project will mainly offer high-class semi-detached houses and villas.
NLG shares closed Tuesday at VND41,750 ($1.64), up 1.83%.
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