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Nam Long partners with Hankyu Hanshin Properties Corp to build $814-million city in Dong Nai

Khanh Minh Friday | 08/20/2021 13:00

Perspective featuring the overall view of 170ha Izumi City in Bien Hoa, Dong Nai province. Photo: Nam Long Group

Nam Long Group plans to build a 170-hectare city with 3,000 townhouses in Southern province of Dong Nai under a strategic cooperation with Osaka-based Hankyu Hanshin Properties Corporation, the Vietnamese realtor said.

The Izumi City, which locates in a real estate ecosystem with adequate service utilities, health care, schools, is expected to launch the first products by the end of third quarter this year.

Late 2020, Nam Long Group (HOSE: NLG) signed a principle agreement with Portsville Pte. Ltd Company, a subsidiary of Singapore’s Keppel Corporation Limited to acquire all stakes of the company in the Dong Nai Waterfront City Co., Ltd.

After the deal, Nam Long's ownership rate in the company that operates the 170-hectare project increased to 65.1%. Its strategic partner Hankyu Hanshin Properties Corp holds 34.9%.

Thus, Nam Long will work with its Japanese partner Hankyu Hanshin Properties Corp to develop the Izumi City project, which has an estimated total investment capital of VND18,600 billion ($814 million). The project is expected to help Nam Long to secure its long-term development strategy over the next five or 10 years.

Dong Nai, an adjacent locality of Ho Chi Minh City, has developed several key transport infrastructure projects in Southern region of Vietnam. The province is also a pioneer in industrial development.

Thus, it has great potential for housing development based on political-macro-economic factors and population growth as well, shared Mr.Toda Masahiko – Senior General Manager of Hankyu Hanshin Properties Corp.

“We highly evaluate the economic development of Dong Nai and Nam Long’s development strategy as well. We have been in cooperation with Nam Long in five projects over the past 5 years, so we decided to join hand in developing Izumi City”, he added. 

The Izumi City project is expected to contribute to Nam Long’s goal to become Vietnam’s leading integrated urban area developer in the next 3-5 years.

Besides 8.5-hectare Akari City, Mizuki Park with 26 hectares, Waterpoint, 355 hectares, 43-hectare Nam Long Central Lake, Nam Long Dai Phuoc with 45 hectares and Nam Long Hai Phong, 21 hectares, Izumi City is also one of the key urban area projects that Nam Long plans to develop in the period of 2021-2025.

“Nam Long is proud to work with prestigious strategic partners that are international corporations. With 100 years of experience, Hankyu Hanshin is one of the leading corporations in Japan. Cooperating with the firm, we can only strengthen our internal financial strength, but learn from them in developing and operating large-scale projects, stated Mr. Tran Xuan Ngoc, General Director of Nam Long Group.

Besides cooperation in land bank development and housing development, Nam Long plans to work with the Japanese partner in core businesses of the group including commercial real estate, services, retail, hotels, he added.

Izumi City is located in Dong Nai province’s Long Hung commune of Bien Hoa city, the most dynamic economic development area of ​​the province. Within a radius of only about 5km from the project, it is easy to access arterial traffic routes connecting inter-regions such as National Highway 51, National Highway 1A, Hanoi Highway, My Phuoc - Tan Van - Nhon Trach Boulevard, Expressway Ho Chi Minh City - Long Thanh - Dau Giay, Metro Ben Thanh - Suoi Tien - Bien Hoa, Bien Hoa - Vung Tau expressway, Long Thanh International Airport ...

This area near the project has several large industrial parks such as Bien Hoa 1 and 2, Amata, Long Binh, Tam Phuoc, Long Thanh, where tens of thousands of experts and workers work and live.

Perspective of Izumi City - Phase 1.

Perspective of Izumi City’s townhouses to be launched under the project completion of Phase 1. Photo: Nam Long Group

The Izumi City is surrounded by several facilities including Son Tien eco-tourism area, Long Thanh golf course, Shing Mark international hospital, Long Thanh administrative center, Bien Hoa city administrative center.

Resident living in the city can easily access to the National University Village of Ho Chi Minh City, Suoi Tien theme park, Cancer Hospital No.2, Eastern Bus Station and the High-Tech Park in District 9.

Being built near several under-constructed major urbans is another advantage of Izumi City. The city’s location is near Vinhomes Grand Park, Aqua City, Son Tien, Swan Bay, Swan Park, Angel Island.

Once the construction of these new urban projects is completed, there will be Vietnam’s most prosperous and classy urban complex. All of activities such as cultural festivals, entertainment, trade, exhibitions, sports will be organised in this area.

Nam Long with 30 years of experience in real estate sector in Vietnam has total assets of more than VND20,122 billion ($881 million). It has land bank of more than 681 hectares, ensuring the development plan for the next 10 years.

Hankyu Hanshin Properties Corporation is a subsidiary of Hankyu Hanshin Holdings, Inc. This corporation has more than 100 years of operations in Japan. The corporation invests in various fields including railway, real estate, tourism, media and entertainment, hotels, transportation. In which railway and real estate are the areas that bring the majority of revenue and profit to the firm.

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