NHO expands investment in Danang property market

Accordingly, the firm will join hands with Kreves to develop 4.3 hectare First Home Danang which will kick off construction this June.

When operational, the project would roll out 2,200 quality apartments with a full suite of support facilities such as park, swimming pool, supermarket, cinema and trade centre.

“We are happy with this $48 million cooperative deal because we see its important role when in use. The project not only ensures a comfort life for the residents when living in our apartments but also contributes to enhancing the urban appearance of Danang,” said NHO’s Management Board chairman Kim Kyoo Chul.

Kim also said before stepping into Vietnam’s property market NHP has committed with Vietnam’s Ministry of Construction to building about 100,000 apartment units in the country in the next decade.

The deal with Kreves this March is a step towards realising the commitment.

Earlier, NHO was the developer of another affordable housing project - Nest Home Danang - with scale of 420 apartments on one hectare area which came on line matching its progress target.

The apartment fetches only VND5.3 million ($250) per square metre.

Construction of Nest Home Danang ended up after 15 months and the apartments were handed over on March 21.

The project's total cost was VND148 billion ($7.04 million). This was the first social housing project not using state budget capital in Danang city.

NHO JSC, a joint venture between local TAG JSC and NIBC Investment Limited from South Korea, is one of pilot businesses in affordable housing promotion in Vietnam. The company left marks in diverse Vietnamese locations including Hanoi, Ho Chi Minh City, Danang, An Giang, Quang Ngai, Quy Nhon  and Binh Duong through building quality affordable housings under First Home brand.