Over a decade ago, a South Korean entrepreneur made the bold decision to venture into Vietnam and establish a real estate business amidst a bustling market.
“Just standing on the street, you could feel the dynamism of this country. Its politics had been relatively stable for some time, and its economic growth showed promising prospects compared to other nations,” said Mr. Kim Kyoo Chul, co-founder and board member of N.H.O, reflecting on the decision to enter Vietnam in 2012.
Mr. Kim, often referred to as the soul of N.H.O, was previously a real estate entrepreneur and the founder of a non-governmental organization in Cambodia, providing support to impoverished villages, especially those with a high number of veterans.
“A healthy non-governmental organization should aim not at constructing grandiose buildings but at fostering a better community,” Mr. Kim remarked about the organization he established.
It was, therefore, a comprehensible decision to start developing social housing in a promising country like Vietnam.
Attentive to Every Apartment
N.H.O’s first project, Nest Home Danang, set a new standard for social housing in its early stages: optimal construction quality, low construction density of only 30%, and maximum application of new technologies from South Korea to ensure two conditions: sustainable quality and more reasonable prices.
The first 400 homes were crafted with such meticulous attention to detail by N.H.O.
The company carried this simple yet impactful philosophy forward, continuously improving and applying it to subsequent projects such as Imperial Place, Sky9 (Ho Chi Minh City), City Tower (Binh Duong), and Diamond City (An Giang)…
Whether it was social or commercial housing projects, N.H.O ensured that all their developments included well-designed and thoughtfully invested public works. Even in their social housing projects, residents enjoyed full access to amenities like swimming pools, badminton courts, BBQ areas, and communal playgrounds…
Imperial Place in Ho Chi Minh City is beloved by its residents for its cleanliness, spaciousness, and abundant greenery. Source: N.H.O
The First Home in An Giang was strategically built on the banks of the Hau River, rising to nine stories with full Korean standards and amenities for its residents.
With Sky9 (in the former District 9 of Ho Chi Minh City), N.H.O took their standards up a notch, providing a swimming pool and a spacious community room – features that even many previous luxury condominiums lacked.
Imperial Place, constructed later in Binh Tan District, Ho Chi Minh City (2017-2021), was designed with a classic European touch. In addition to standard amenities like swimming pools, BBQ areas, and gyms, Imperial Place also boasts an impressive jogging track for its residents.
A New Leap Forward
In the decade since N.H.O’s arrival in Vietnam, they have witnessed a remarkable rise in the standard of living for Vietnamese people. In just ten years (2012-2022), the average income of Vietnamese people surged by over 90%, from $2,190 to $4,179, according to World Bank data.
Urbanization brought a new hue to the lives of city dwellers. They now had different aspirations for their dream homes in bustling cities, seeking solace from the increasing stress and pressure of daily life.
N.H.O didn’t merely focus on constructing optimally designed apartments; they aimed to build a community where their residents and customers could live happily and warmly, leaving their daily worries behind.
Their latest projects, The Dragon Castle (Ha Long – Quang Ninh) and Gem Park (Hai Phong), embody this vision.
The Hi LIFE lifestyle, carefully curated by N.H.O, is evident in every project. Source: N.H.O
The Dragon Castle, delivered in 2023 with an 85% occupancy rate, stands out for its unique location next to Ha Long Bay, offering direct views of the world-renowned natural wonder. Additionally, it boasts a diverse range of perfect amenities, including Ha Long’s only glass-bottomed bridge, providing residents with impressive scenic relaxation spots.
According to estimates from the General Statistics Office, by 2030, approximately 45% of Vietnam’s population will reside in urban areas. As such, N.H.O, along with other real estate developers, is gearing up for this future. In the next 12 years, N.H.O plans to create 20,000 quality homes and thriving communities.
Since 2021, as Vietnam stabilized its situation post-COVID-19, N.H.O has been actively implementing the Hi LIFE lifestyle concept into most of their projects, emphasizing community connection and fostering mutual support.
The vibrant playground at The Dragon Castle is a favorite among young residents. Source: N.H.O
“Vietnamese people, like South Koreans, are modernizing and progressing, but family and neighborhood remain the solid foundation. N.H.O’s development strategies will always be based on this foundation. Our success will come from the resonance of values and the sharing of achievements,” said Mr. Chung You Seok, CEO of N.H.O, on the idea behind the Hi LIFE lifestyle.
At N.H.O’s projects, activities for children, the elderly, and parents are organized with high quality and great engagement from the residents. “3,597 households across five pilot projects embracing the Hi LIFE lifestyle have welcomed this new way of living and have been refining it with us since 2021,” shared Ms. Hyouejung Chun, Head of Product Development at N.H.O, on the initial success of Hi LIFE.
