Singapore’s largest listed real estate PropNex sets presence in Vietnam
Under the agreement on master franchise, Singapore’s PropNex Realty will acquire 25 per cent of the issued and paid up share capital of PropNex Realty Vietnam at a nominal sum of US$1.
PropNex Realty Vietnam recently entered into a master franchise agreement with PropNex Realty Pte. Ltd, pursuant to which it is appointed as a master franchisee of Singapore’s group in Vietnam to establish, manage and operate PropNex franchise agency offices in Vietnam.
The agreement is for an initial term of ten years commencing from 14 August 2018, and may be renewed for a further ten years subject to the fulfilment of the conditions.
Pursuant to arrangement, PropNex Realty will acquire 25 per cent of the issued and paid up share capital of PropNex Realty Vietnam at a nominal sum of US$1.00. Following the completion of the acquisition, PropNex Realty Vietnam will be 75 per cent owned by unrelated parties and 25 per cent owned by PropNex Realty.
The investment in Vietnam’s PropNex Realty will be funded through internal resources.
PropNex Realty Vietnam is a company registered in Vietnam and carries on the business of real estate brokerage.
As Singapore’s largest listed real estate agency with over 7,000 sales professionals, PropNex is an integrated real estate services group that prides itself on delivering best-in-class services in real estate brokerage and project marketing.
Having established a strong presence in Singapore’s residential market, PropNex continues to enhance and expand its suite of real estate services in Singapore and grow its operations regionally. PropNex 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 the Singapore’s group’s regional expansion plans and it hopes to strengthen its market position, value-add and expand into Vietnam.