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The signing ceremony for the franchise agreement between Mr Jack Chua, CEO of ERA and Mr Nhien Nguyen, CEO of Eurocapital JSC was held at ERA’s headoffice at Mountbatten Square. (Photo: ERA Realty Network)
Singapore-based ERA Realty Network announced last Friday (30 June) that it has spread its wings into Vietnam to take advantage of the country’s rapidly growing property market.
In line with this, it has jointly incorporated ERA Real Estate Vietnam with Eurocapital JSC, a property agency that generated total sales of more than US$90 million last year. It is also the property division of The Eurocapital Group, a private investment group based in the country.
The franchise agreement between the two was signed by ERA’s CEO Jack Chua and Eurocapital JCS Chief Executive Nhien Nguyen at the property agency’s head office at Mountbatten Square, Singapore.
Besides its headquarters in Ho Chi Minh City, ERA Real Estate Vietnam has initially set up three local offices in the capital. It also has over 150 personnel currently undergoing training to become official ERA sales associates.
In the next five years, it aims to grow these to 3,000 associates and 25 offices across Vietnam, with a focus on key urban areas like Hanoi, Da Nang and Ho Chi Minh City, as well as tourist destinations such as Nha Trang and Phu Quoc. The venture will prioritise selling homes and hospitality residences in these areas.
ERA revealed that it is timely to enter Vietnam, given the US$24 billion foreign direct investments pumped into the country. Another reason is its strong economic growth of 6.2 percent in 2016 – one of the highest in Asia.
Moreover, overall home sales in Ho Chi Minh City soared by 193 percent in Q3 2016 on an annual basis. In the same quarter, sales of private condos also increased by 33 percent on a quarterly basis, based on a report by Savills.
“These are indications which make for a good start for our entry into the Vietnamese market,” said Chua.
With the expansion into Vietnam, ERA Realty Network has further extended its reach in Asia Pacific, where it has nearly 16,000 sales associates and 642 offices across seven nations, namely Singapore, Malaysia, Taiwan, Japan, Thailand, Indonesia and South Korea.
Globally, ERA has around 36,000 sales associates and 2,350 offices across 32 countries.
This article was edited by Denise Djong.
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