Singapore, 30 Jun 2017 – ERA Realty Network (ERA), the leading global real estate network with 36,000 sales associates in 2,350 offices across 32 countries, will expand its network into Vietnam. Together with local partner Eurocapital JSC, the property arm of The Eurocapital Group, a private investment group headquartered in Vietnam, ERA has incorporated ERA Real Estate Vietnam. This allows ERA to further extend its reach in the Asia Pacific Region where it holds the master franchise with almost 16,000 sales associates in 642 offices across seven countries – Singapore, Japan, South Korea, Taiwan, Thailand, Malaysia and Indonesia
Eurocapital JSC is Vietnam’s leading professional real estate brokerage, consultancy and investment advisory, transacting over US$90 million in property services for 2016. With its strong competence in banking and private investments, project development and brokerage services from its holding company, The Eurocapital Group, Eurocapital JSC is the natural choice partner for ERA to work with to enter the Vietnam market.
ERA Real Estate Vietnam has established its headquarters and three local offices in Ho Chi Minh City. The venture in Vietnam has over 150 sales associates now training under ERA qualifications to become official ERA associates. In the next five years, this venture aims to have 3,000 associates in 25 offices across the country, focusing on the metropolitan areas such as Ho Chi Minh City, Hanoi, Da Nang and other tourist destinations such as Phu Quoc and Nha Trang.
With Vietnam’s growth booming at 6.2 per cent increase in GDP in 2016, the country is one of the markets with the highest growth within Asia. The country has recorded an FDI of US$24billion for foreign investments and has maintained this momentum well into 2017. According to a report by Savills World Research, the total dwelling sales in Ho Chi Minh City surged by 193 per cent in Q32016 year on year. In the same quarter, its private home condominium sales transactions saw a rise of 33 per cent quarter-on-quarter. The property market in Vietnam is surging with government measures across the country’s infrastructure with construction management and banking credit risk control to improve urbanisation. Major cities will see the acceleration of both residential and commercial buildings in development while the implementation of new laws and banking reforms allow for both private and commercial investments to take place.
“These are indications which make for a good start for our entry into the Vietnamese market,” says Jack Chua, Chief Executive Officer of ERA. We are pleased to work with a knowledgeable partner who has the ground knowledge and track record in managing property services and transactions of this nature. We are confident with the support from team Eurocapital, we will create a successful network and team with ERA Real Estate Vietnam and tap on this market’s growth potential,” Mr Chua continues.
Today’s signing ceremony for the franchise agreement between ERA and Eurocapital JSC was signed by Mr Jack Chua of ERA and Mr Nhien Nguyen, CEO of Eurocapital JSC, held at ERA’s headoffice at Mountbatten Square. Upcoming projects will be focused on property brokerage services for high-quality projects for both residential and hospitality residences in major cities and tourism hot spots. Established partnerships with various property developers such as Sun Group, CEO Group, M.I.K. Sacomreal, Kien A for local partnerships and international property developers from Singapore, Hong Kong, China, South Korea and Japan such as Keppel Land and Sunwah Group.