ABOUT $1 billion is in place for the massive Nam Van Lakes project in Macau which also involves the Praia Grande reclamation, says Stanley Ho Hung-sun, chairman of Nam Van Development Co. Mr Ho yesterday said enough funds had been raised by shareholders of the company to continue existing works for the year. ''We only need $700 million until the end of this year,'' he said. ''Up to now we have not been getting any financial support from banks.'' But in a few months' time, the company should be getting bank syndication to finance the project, he said. The US$1.4 billion civil engineering and property development project to be completed by 1999 will increase the peninsular land mass by 20 per cent. ''The timing of the development is excellent, and perfectly complements other infrastructure projects currently under way in Macau,'' Mr Ho said. ''The upgrading of Macau's infrastructure is absolutely essential if the territory is to fulfil its role as a major gateway to the booming Pearl River delta region.'' Other infrastructure projects being carried out include a new international airport, a new ferry terminal and road and rail links to neighbouring Zhuhai and Guangzhou in Guangdong province. It had been reported earlier that the mainland authorities had protested against the land concession made to the company for the development. ''But we don't think we need any more approval by the Chinese authorities. We are now proceeding ahead smoothly,'' Mr Ho said. The project comprises 46 prime development sites for commercial and residential use. Of these, 31 would be developed by the company and the remainder would be used by the Macau Government. Under the project there are also two artificial lakes covering 130 hectares. Shareholders of Nam Van Development include Mr Ho, whose Sociendade de Turismo e Diversoes de Macau (STDM) holds a 25 per cent stake; Macau businessman Ma Iao Lai's C.C. e Inv Predial Perfeito with 15 per cent; and China Construction with 10 per cent. The remaining 50 per cent is held by Macau-registered companies with Chinese interests. Mr Ho declined to say more about the companies.