Investment decision-making is based on the current time-point for the traditional discounted cash flow model, which is unable to estimate the value of uncertainly. However, the economic environment is always changing. Investment decision hence can be deferred until situation is favorable. In the project of Built-Operate-Transfer, the right of contract negotiation can be used to decide the timing of an investment for the concessionaire. The theory of option to defer would be an appropriate methodology for evaluating the right of contract negotiation. Therefore, this study examines the value of investment timing by using the Case of Tepeng Bay National Science Area. The results suggest that the value of the project is underestimated by the traditional net present value method. The variance and duration has positive relationship with value of real option, indicating the choice of timing has contributions of the project’s value.