Nam Long Group gears up to capture market

April 19, 2024 | 10:57

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As Nam Long Group (NLG) confidently gears up its expansion into other real estate segments, it's newly appointed CEO Lucas Ignatius Loh Jen Yuh spoke with VIR’s Bich Ngoc about the group’s development strategy for the next phase of its development.

What inspired you to come to Vietnam and take on the CEO role at a well-established company like NLG?

Nam Long Group gears up to capture market

Nam Long Group's newly appointed CEO Lucas Ignatius Loh Jen Yuh

There are two main reasons.

Firstly, I see great potential in the Vietnamese market. With my many years of experience in mature markets like Singapore and investments in markets like China, which has grown from its early stage to a mature market, I now look forward to taking up the challenge of a new market like Vietnam, which has a lot of growth opportunities. Although it will require a great deal of work, the potential benefits are worth it.

Secondly, I appreciate NLG's strategy to achieve its 2030 vision. The organisation is well-prepared for the changes to meet higher international standards in management and to align with changing market demands.

In my previous management positions, I amassed considerable experience in developing mid- to high-end residential segments and in investment and capital management for multinational real estate corporations, aligning with NLG’s next growth phase.

I will help the group shape new values, products, and more complete services that will aim to improve living standards here. I am also keen on perfecting NLG's management system during the transition phase to the new business model, becoming a more integrated real estate company, according to the group's 2030 vision.

What challenges do you currently see in Vietnam's real estate market?

The real estate industry faces two main challenges. The first is the changes in policy and legal frameworks. These will make the market more transparent and, in turn, create a demand for more professionally run real estate companies.

The second challenge is the maturity of the real estate market, the consumer demand is evolving, as they now expect higher-quality properties, both residential and commercial.

As a result, we need to change how we organise and manage our developments to align with any changes. Nam Long will reposition and calibrate its products and services to meet market and consumer needs.

What are NLG’s priorities for the rest of 2024?

NLG has valuable Japanese partnerships, and we will soon expand our relationships to include more partners who can collaborate with us to develop pipeline projects. However, we will remain focussed on the areas that have put NLG in a strong position in the first place, such as affordable and mid- and high-end housing.

We will continue to reach out to the wider market and expand our Ehome range, which is in high demand and among the most sought-after of our products. Furthermore, we would also see an opportunity to enter the luxury segment, which NLG certainly has the capacity to do.

NLG will also expand our portfolio to include commercial properties like office buildings and shopping malls for lease.

The market is expected to remain quite slow over the next two years, but we have a list of approved projects so we are ready to capitalise on them as needed.

Before I arrived, the group had restructured the company with Nam Long as a holding company playing the role of investment manager, with Nam Long Land and Nam Long Commercial as subsidiaries executing projects. As a result, there are numerous things that we have to work on to see to it that this new structure is coordinated well to ensure more effective and efficient project delivery.

What can you do to enhance NLG’s brand value in such a competitive market?

One of NLG’s visions for 2030 is to foster brand reputation with a focus on the customer. With 30 years of experience in the real estate sector, I have realised that transforming the business to meet the customers' needs is an essential factor for success.

The brand of a real estate company is built on two main foundations, its products and services. As living standards in Vietnam rise, NLG will need to introduce changes to its range of products and services to ensure that a home is not just a home, but also a place to experience a lifestyle.

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Nam Long Group appoints new CEO

Nam Long Group on March 4 announced the appointment of Lucas Ignatius Loh Jen Yuh as CEO pursuant to the new organisational structure of its growth strategy.