CASE STUDY REPORT

Dear: Mr. Kwun

This report is to help the Investor have more specific reference information and several ideas on
implementation organization from the perspective of the project implementation consultant (Project
management and supervision).

GEM PARK PROJECT

Address : Metro Street, ward. So Dau, district. Hong Bang, Hai Phong
Investor: Established in 2012, National Housing Organization Joint Stock Company (NHO) is a
joint venture between TAG Joint Stock Company and NIBC Investment Co., LTD. With a team of
highly experienced and professional founders from Korea, Vietnam and Singapore, NHO has a
mission to build homes that blend the modernity of Korea and Singapore but are still very suitable
and compatible with Vietnamese Culture.

NATIONAL HOUSING ORGANIZATION CORPORATION

NATIONAL HOUSING ORGANIZATION JOINT
International name: STOCK COMPANY
NHO JSC
Abbreviations:
0311956912
Tax code:
19th Floor, Indochina Park Tower, 04 Nguyen Dinh
Chieu, Da Kao Ward, District 1, Ho Chi Minh City,
Address:
Vietnam
KIM KYOO CHUL
Representative:
028 3845 0963
Phone:
2012-09-06
Operating days:
District 1 Tax Department
Managed by:
Non-state joint stock company
Type of business:
In operation (has been granted a Technical Registration
Status: Certificate)
1. Project perspective
2. Overview of Gem Park luxury apartment complex - So Dau Hong Bang, Hai Phong

Name of project Gem Park

3. Referenced legal basis
Investor National Housing Organization Joint Stock Company (NHO JSC)

2.2 hectares including 4 apartment buildings , of which: 03 22-

Scale storey buildings with 470 apartments and 01 40-storey building
with more than 1000 apartments

Construction phase 2021 - 2023

Building height 69.57m

Construction area 4,443.8 m2

Public area 17,992.5 m2

Parking 1000 cars and 2000 motorbikes (basement)

Legal House ownership certificate

Price Expected price ~ 40 million/m2 depending on location and area

It is expected that in the fourth quarter of 2023, there are currently

Opening time
transfer goods of the completed building

- The construction and completion of each part of the project is decided from the approval
step of the "Investment Policy" as referenced below:

Head office address: New Urban Area 2A, So Dau Ward, Ho Bang District, Hai Phong
City, Vietnam.
1) Project name: Investment project to build high-rise apartment buildings for sale and
rent, office buildings for rent.
2) Project objective: Investment in construction of 01 (one) office building for rent, 04
(four) apartment buildings for sale and lease.
3) Project scale: Total land area used: 18,881.9m². In there:
- Office building : 05 floors, construction area 831.76m².
- Apartment building No. 01 : 21 floors + attic + 02 basements, construction area:
1,037.39m², floor area: 20,640.45m² (excluding basement and technical area); of
which: number of apartments for living: 228 units, shop houses: 04 units; kindergarten
640.41m².
- Apartment building No. 02 : 21 floors + attic + 01 basement, construction area:
908.78m², floor area: 18,057,481; of which: number of apartments for living: 118
apartments.
- Apartment building No. 03 : 21 floors + attic + 02 basements, construction area:
1,037.39m², floor area: 20,614.82m² (excluding basement and technical area); in
which: number of apartments for living: 228 units, shop house: 08 units.
- Apartment building No. 04 : 36 floors + attic + 02 basements, construction area:
2,627.50m², floor area: 88,039.70m² (excluding basement and technical area); of
which: number of apartments for living: 968 units, shop houses: 25 units.
4) Investment capital of the project: 2,214,341,470,984 VND (two thousand two
hundred fourteen billion, three hundred forty-one million, four hundred seventy
thousand, nine hundred eighty four VND) equivalent to 95,445,753.06 USD US
dollars (ninety-five million, four hundred forty-five thousand, seven hundred fifty-
three point zero six US dollars) (exchange rate 23,200 VND/US dollar on May 11,
2021 of Foreign Commercial Joint Stock Bank Vietnam trade). In there:
- Investment capital for construction of Apartment Building No. 2: 193,085,275,699
VND (one hundred ninety-three billion, eighty-five million, two hundred seventy-five
thousand, six hundred ninety-nine VND), equivalent to 8,322. 641.19 US dollars
(eight million, three hundred twenty-two thousand, six hundred forty-one point
nineteen US dollars) completed construction, approved by the State Department of
Construction Quality Inspection under the Ministry Construction, inspection and
acceptance work and put into use according to regulations from December 2020.
- Investment capital for construction of Apartment Building No. 01, 03, 04 and office
building: 2,021,256,195,285 VND (two thousand twenty-one billion, two hundred
fifty-six million, one hundred ninety-five thousand , two hundred and eighty-five
dong), equivalent to 87,123,111.87 US dollars (eighty-seven million, one hundred
twenty-three thousand, one hundred eleven point eighty-seven US dollars). In there:
+ Investor's capital contribution to implement Apartment Building No. 01, 03, 04
and office building is: 404,251,239,057 VND (four hundred and four billion, two
hundred fifty one million, two hundred thirty nine thousand, one hundred fifty-
seven dong), equivalent to 17,424,622.37 US dollars (seventeen million, four
hundred twenty-four thousand, six hundred twenty-two point thirty-seven US
dollars), accounting for 20% of the total investment capital to build apartment
buildings No. 01, 03, 04 and office buildings.
+ Capital raised to implement Apartment Building No. 01, 03, 04 and office
building: 1,617,004,956,228 VND (one thousand six hundred and seventeen
billion, one hundred and four million, nine hundred fifty-six thousand, two
hundred twenty-eight dong), equivalent to 69,698,489.49 US dollars (sixty-nine
million, six hundred ninety-eight thousand, four hundred eighty-nine point forty-
nine US dollars), accounting for 80% of the total investment capital to build
apartment buildings No. 01, 03, 04 and office buildings.
5) Operational term of the project: 50 (fifty) years from the date the Ministry of
Planning and Investment granted Investment License No. 2555/GP on February 27,
2006.
6) Project implementation location: New urban development project area 2A, So Dau
ward, Hong Bang district, Hai Phong city.
7) Project implementation schedule:
a) Capital contribution progress and expected mobilization of capital sources:
- Contributed capital to implement the project: Use fully contributed owner's capital
 according to the audited Report on owner's capital as of June 30, 2021.
- Mobilized capital: mobilize capital in the period from Quarter III/2023 - Quarter
1/2026.
b) Progress of basic construction and putting the project into operation or exploitation:
- Apartment building No. 2: Complete construction and handover in the fourth quarter
of 2020.
- Apartment buildings No. 1,3,4 and office buildings:
+ Progress of completing basic construction: Quarter IV/2025 i
+ Progress of putting the project into operation and exploitation: Apartment building
No. 1 and No. 3: Quarter IV/2025; Apartment Building No. 4 and Office Building:
Quarter I/2026

4. Analyze conditions for implementation:

- The organization of construction and acceptance is based on decisions from the investment
policy.
- The Investor bases on time conditions and business goals to plan the construction
organization; Organize acceptance of each part according to the set schedule.
- The organization of construction in stages involves the design of the system for the
building; Specifically, the division of the overall construction phase and the stages that
need to be calculated from the first step to the final building, the main related issues are as
follows:

+ Electrical system: The electrical system is one of the essential technical systems,
playing an extremely important role for the building. This is a technical system
responsible for producing, transmitting and distributing electricity to the entire building,
helping to ensure daily life for residents. In addition, the electrical system also has the
role of providing and distributing power to ensure the operation of other equipment
systems in the building such as elevator systems, ventilation and air conditioning
systems, camera system and fire protection system,...
+ Electrical distribution cabinet system: This is also an extremely important technical
system in preserving the building's electrical system. In the building there are many
machines and equipment with high capacity, operating with continuous frequency. The
distribution cabinet system will help ensure the operating capacity of other machines and
equipment to meet the requirements. the living and daily needs of residents. In addition,
this technical system also has the effect of minimizing and minimizing electrical
overload causing incidents of fire, explosion or electrical short circuit.
+ Elevator system : This is one of the indispensable technical systems in today's
buildings. The elevator will consist of 4 main parts: the elevator pit, the machine room,
the pit and other parts installed tightly in the machine room and elevator well. Instead of
having to climb the traditional stairs like before, installing an elevator system in the
building will make the process of moving from one floor to another easier for people. In
addition, the elevator system also helps the process of transporting residents' goods and
belongings quickly, saving time and labor.
 + Fire protection system: When talking about technical systems in a building, it is
impossible not to mention the fire protection system. This system will include a set of
devices used to extinguish or prevent the spread whenever a fire or explosion occurs in a
building. In addition, the system also helps identify unusual signs of safety to alert the
entire building, minimizing safety risks. The fire protection system will help ensure the
safety of residents and equipment and assets in the building.
+ Ventilation and air conditioning system: The ventilation and air conditioning system
is one of the very necessary technical systems, playing an important role in the building.
This system will help regulate and balance the air and temperature inside the building,
providing a comfortable and fully equipped living space for residents. Besides, every
time there is a fire incident , the building's ventilation and air conditioning system also
helps control and balance air pressure in areas within the building such as stairs and
elevators, helping to reduce air pressure. smoke and ventilation for areas with closed
spaces.
+ Camera system: This is also one of the important and indispensable technical systems
in buildings. Camera systems are often installed in areas such as building lobbies, floor
corridors, elevators, parking garages, etc. The building's camera technical system will
help monitor and record events. takes place at the building in the form of images, video
and sound in the most honest and accurate way. Stored events will be accompanied by a
time of occurrence so that residents and management can easily review, check and
analyze whenever necessary. The camera system will help ensure security in the
building, helping residents feel more secure when living in the building.
+ Water supply and drainage system: The water supply and drainage system is also one
of the extremely important technical systems in the building. This system is responsible
for providing and distributing water sources to ensure the use and living needs of
residents. In addition, the system also helps provide water to help carry out common
building activities such as watering plants, cleaning, and firefighting. The water supply
and drainage system also has the effect of draining floor water and draining domestic
wastewater from households, helping to ensure building hygiene and safety.

Hopefully the above information will be helpful as a reference for your decision.

Yours sincerely,

Nguyen Bach Khoa