Re: VD has a NPV (7.5%) of 800M US if the project would start today.  If it's still 5-6 years away, you probably need to discount that NPV by another 5-6 years, which would bring it to around 50% of the "time zero" NPV.

I though the NPV already considers the construction time with the negative cash flow.

Why would a buyer purchase a property to sit on it for 5-6 years?   If they planned that then there are other things taht they are considering but it wouldn't be our "penalty" discount.   To me the NPV of the project will be the same whether it is purchased today or purchased next year - as long as the buyer only paid for at the time of purchased.  How long they sit on it after that point is not our concern.

Am I missing something?