SINGAPORE (EDGEPROP) - APAC Realty has invested $1.5 million for 38% of the issued share capital in ERA Vietnam.
This acquisition follows that of ERA Indonesia and ERA Thailand in February 2019 and ERA Malaysia at the end of 2019. These moves are in line with the group’s strategy to diversify investments so as to enhance competitive advantage in high-growth real estate markets in Asia.
From 2014 to 2019, Vietnam’s middle class doubled to 33 million people. Its real estate market is expected to grow exponentially alongside its expanding middle class, especially in Ho Chi Minh City and Hanoi. Vietnam’s GDP growth is projected to be robust at around 6.8%.
ERA Vietnam currently has an estimated 20% market share of Vietnam’s growing project marketing segment, having expanded rapidly over the past two years.
The team has 900 ERA salespersons in Ho Chi Minh City. In 2019, it closed 40 key projects for leading developers, including Singapore names such as GuocoLand, Keppel Land and Mapletree.
Jack Chua, chairman and CEO of APAC Realty, says: “Our unique franchise model allows the group to establish the ERA brand name in new markets through a cost-efficient platform.”
To date, APAC Realty’s real estate network has 651 offices across 10 countries.
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