PropNex Realty’s CEO, Ismail Gafoor.
PropNex has entered into a master franchise agreement with PropNex Realty (Vietnam) Company Limited, in line with the group’s regional expansion plans.
With an initial term of 10 years, the franchise agreement comes with an option to renew for another 10 years.
More: PropNex merges with DWG to form Singapore’s largest property agency
The agreement sees PropNex Realty acquiring a 25 percent stake in PropNex Realty Vietnam at a nominal sum of just US$1.00.
The Vietnamese franchisee has a 2,637 sq ft office in Ho Chi Minh City and over 80 salespersons. PropNex has 100 salespersons in Malaysia, 800 in Indonesia and over 7,454 in Singapore.
“With its growing economy and positive forecast of the real estate market, we believe that Vietnam is an important place for PropNex to establish our brand,” said PropNex executive chairman and CEO Ismail Gafoor.
PropNex Vietnam executive director Aidan Wee said he chose PropNex due to its strong brand name as Singapore’s biggest listed real estate agency.
“Alongside its reputation for professionalism and trusted service, PropNex’s emphasis on the professional and personal development of all its salespersons and employees resonates very well with us,” he said.
“With the extensive experience, unconditional support and comprehensive programs developed by PropNex Singapore, we will be able to touch the lives of our Vietnamese salespersons by allowing them to grow and excel in their real estate careers and be champion producers back in Vietnam.”
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com