The Nam Long Group and Japan’s Nishi Nippon Railroad have officially announced their cooperation in developing the EHome Southgate apartment project in the Mekong Delta’s Long An province.
The cooperation means a great deal to Nam Long, as this is the first time a Japanese partner has joined hands with it in an “affordable” housing project. Foreign investors supporting the development of easy-to-own housing is considered a good sign for Nam Long in particular and Vietnam’s real estate market in general.
Located at the gateway to the 355-ha Waterpoint urban area, the project has an area of 4.5 ha and includes seven apartment blocks with more than 1,400 apartments. Construction has been completed on the foundations and a display home.
Mr. Fukumori from Nishi Nippon Railroad said the company and Nam Long have jointly developed six projects, with scale ranging from small up to hundreds of hectares, as well as two projects in the mid-high-end segment - Flora and Valora. “Taking part in the development of the EHome project confirms our trust in the Nam Long Group,” he added.
Mr. Tran Xuan Ngoc, General Director of the Nam Long Group, said that although each EHome product has a lower profit margin than other product lines they are cooperating with in developing, Nam Long is extremely pleased to welcome this cooperation with strategic partner Nishi Nippon Railroad. “This shows that Japanese and Nam Long partners have not only cooperated with each other for business and profit, but that we also share a common mission and vision,” he added.
Nam Long posted revenue of VND636 billion ($27.6 million) for the first half of 2021, reaching13 per cent of its business plan. Revenue from product handovers in the first half accounted for 11 per cent of total revenue, down 62 per cent year-on-year and coming from old projects that had been completed and began handover in 2019 and 2020. In the second half of this year, Nam Long plans to hand over the remaining products at Flora Novia and begin to hand over products in phase 1 of its Akari City project.