US, Singapore firms eyeing real estate in Vietnam

US, Singapore firms eyeing real estate in Vietnam
28/08/2018 , by , in INTERNATIONAL

Major U.S. and Singaporean real estate firms have been coming to Vietnam, eyeing its thriving property market, especially the high-end segment.

Singaporean real estate firm Propnex opened an office in HCMC last month with its eyes firmly fixed on the high-end segment of the country’s property market.

Propnex has had a 30 percent share of the brokerage market in Singapore over the last five years. It also has offices in Malaysia and Indonesia.

Last year U.S.-based Electronic Realty Associates (ERA) started operating in Vietnam through its franchise in Singapore. Together with property brokerage EuroCapital, it has incorporated ERA Real Estate Vietnam, whose major market is HCMC.

ERA Vietnam, which has 800 employees and 600 potential staff and collaborators undergoing training, is also focused on the high-end segment.

It aims to be one of the top real estate firms in Vietnam within five years with over 50 offices and 5,000 employees.

Another Singapore firm, Huttons Real Estate Group, came to the country in 2016. For this third largest property company in Singapore, Vietnam is the third overseas market after Malaysia and the Philippines.

Huttons said it strives to be the number one real estate agency in the country with multiple services including project sale, marketing, leasing, and assets management.

Industry insiders believe the entry of international players will have a positive impact on the real estate market.

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