PropNex enters Viet Nam in master franchise deal

Friday, Aug 17, 2018 15:11

PropNex hopes to strengthen its market position in Viet Nam. — VNA/VNS Photo

Singapore’s largest listed real estate agency PropNex has recently signed a master franchise agreement with PropNex Realty Vietnam Co to grow its business in Viet Nam.

The agreement will give Singapore-based PropNex a 25 per cent stake in the Viet Nam franchisee for a nominal sum of US$1. Following the deal, PropNex Realty Vietnam will be 75 per cent owned by unrelated parties and 25 per cent owned by PropNex Realty.

The agreement lasts for an initial 10-year term (starting from August 14, 2018), with an option to extend it for a further 10 years.

PropNex Realty Vietnam is a company registered in Viet Nam and carries on the business of real estate brokerage with more than 70 sales staff.

PropNex is continuously enhancing and expanding its suite of real estate services in Singapore and growing its operations regionally. The group also offers access to international markets through its partnership with leading property consultancy Jones Lang LaSalle.

The entry into the agreement is in line with PropNex’s regional expansion plans and it hopes to strengthen its market position in Viet Nam.

PropNex currently has more than 7,454 salespeople in Singapore, 800 in Indonesia and 100 in Malaysia. — VNS

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