Well, it's not the first time. White Day: A Labyrinth Named School is considered a great horror game (although it's more Amnesia-like, from what I know. In fact, it was far earlier) and it came from a small Korean studio. Actually, the studio sadly went bankrupt before they released it in the west, but they made it legally free to download until their hosting ended.
So you can easily find it online with a fan translation. NeoGAF has a good thread about it.
Thanks, I'll check it out. There surely are some small game studios that can make quite the impressive games on a very limited budget. For instance, I'm very hyped about The Forest and it surely looks amazing in the trailers, so I was really surprised to find out that the studio making it consists of only 4 guys.
good to know, I spent a good couple of years trying to track it down. Finally got it...but had no fan translation. If you do find it Kova4a; don't be shy.