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 vibrancy of this country. Its politics had been relatively stable for some time, and its economic growth was promising 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 especially impoverished villages, particularly those with many disabled veterans.
“A healthy non-governmental organization should not aim to construct grandiose buildings but rather strive to foster a better community,” Mr. Kim remarked about the organization he established.
It was, therefore, a natural decision to begin developing social housing in a country brimming with potential like Vietnam.
Attentive to Every Apartment
N.H.O’s first project, Nest Home Danang, set a new standard for social housing in its infancy: 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 applying and improving upon it in subsequent projects such as Imperial Place, Sky9 (Ho Chi Minh City), City Tower (Binh Duong), and Diamond City (An Giang)…
Whether it was social housing or commercial projects, N.H.O ensured that their developments included ample public works with a consistent design aesthetic and careful investment. Even in their social housing projects, residents enjoyed full access to amenities like swimming pools, badminton courts, BBQ areas, and communal play areas…
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 nine stories high with Korean standards and a full range of resident amenities.
With Sky9 in the former District 9 of Ho Chi Minh City, N.H.O took their standards even higher, providing a swimming pool and a spacious community room—amenities that even many previous luxury condominiums lacked.
Imperial Place in Binh Tan District, Ho Chi Minh City (constructed between 2017 and 2021), was designed with a classic European touch. In addition to standard amenities like a swimming pool, BBQ area, and gym, 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 envisioned a true haven in the bustling cities, a place to leave the stresses and pressures of daily life behind.
N.H.O didn’t merely aim to construct optimally designed apartments; they sought to create a community where their residents and customers could live happily and warmly, shedding their daily worries.
Their latest projects, The Dragon Castle in Ha Long, Quang Ninh, and Gem Park in Hai Phong, embody this vision.
The Hi LIFE lifestyle is carefully incorporated into each N.H.O project. Source: N.H.O
The Dragon Castle, delivered in 2023 with an 85% occupancy rate, boasts a unique location next to Ha Long Bay, offering direct views of this World Natural Heritage Site. Additionally, The Dragon Castle provides a plethora of perfect amenities, including Ha Long’s only glass-bottomed bridge, offering residents relaxing moments and impressive views.
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 diligently preparing 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 implementing the Hi LIFE lifestyle concept into most of their projects, emphasizing community connection and fostering mutual support.
The colorful playground at The Dragon Castle is a favorite among young residents. Source: N.H.O
“Vietnamese people, like 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 fruits,” shared 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 great care and attract the enthusiastic participation of 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,” said Ms. Hyouejung Chun, Head of N.H.O’s Product Development Department, reflecting on the initial success of Hi LIFE.
