Ho Chi Minh City – On May 22, 2024, Novaland Group signed an investment cooperation agreement to develop social housing projects with Hoang Quan Group. This initiative is part of Novaland’s efforts to achieve its goals and plans, thereby meeting the essential needs of the people, ensuring social welfare, increasing housing supply, and sustainably developing the real estate market.
For many years, in collaboration with the government, numerous enterprises have been dedicated to developing and constructing social housing for hundreds of thousands of workers, low-income earners, and socially disadvantaged groups. Leveraging its resources and experience from investing in and constructing numerous real estate projects in Ho Chi Minh City and other provinces, Novaland’s strategic partnership with Hoang Quan Group—a company experienced in social housing development—along with other partners, will contribute to the government’s practical scheme of building one million homes for workers and low-income individuals by 2030.
Mr. Truong Anh Tuan, Chairman of the Board of Directors of Hoang Quan Group, and Mr. Dennis Ng Teck Yow, CEO of Novaland Group, signed a cooperation agreement to invest in the construction of a social housing project.
Accordingly, Novaland and its partners will pool their finances, capabilities, experience, and available land resources… and combine their strengths to invest in and develop potential social housing projects in Ho Chi Minh City and provinces such as Binh Thuan, Dong Nai, Binh Duong, Long An, Tien Giang, Dong Thap, Can Tho, and Vinh Long. Additionally, the parties will collaborate on research and investment to develop projects that align with their respective needs, goals, and business development strategies, as well as local land use plans and economic development plans. It is anticipated that this year, through the efforts and resources of the parties involved, about 3,000 social housing units will be delivered in various localities; concurrently, the parties will also explore the development of new social housing projects on Novaland’s existing land in the future. This will help address some of the housing needs of socially disadvantaged groups and low-income workers.
Mr. Dennis Ng Teck Yow, CEO of Novaland, shared: “With our experience in real estate investment and development, and our mission to create quality projects that bring value to customers and the community, I believe this cooperation is an opportunity for the parties to leverage their strengths and help bring the dream of affordable homeownership closer to low-income individuals.”
CEO Dennis Ng Teck Yow, representing Novaland Group, expressed gratitude to their partners for their collaboration in community activities that are both humane and practical.
Alongside plans to continue developing potential projects such as Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram, and central Ho Chi Minh City projects, and to deliver homes to customers in phases while gradually recovering business operations, Novaland will focus on its Environmental, Social, and Governance (ESG) goals to develop a sustainable real estate ecosystem.
The cooperation between Novaland and its partners is expected to help address the housing needs of workers and low-income earners, as well as increase the supply of social housing in the near future.