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| Chi Edward (R) of Coldwell Banker Vietnam introduces The Bayview Towers in Halong on the opening day of the mega office in HCMC - Photo: Mong Binh |
The office at the Rosana Building in District 1 marked a deepened presence of a world leading real estate brand that the U.S.-based Realogy Corp. has transferred the exclusive master rights of the brand in Vietnam to Minh Viet.
Chi Edward, chief executive officer of Coldwell Banker Vietnam, told reporters after the opening of the office that Minh Viet gained the exclusive master rights for the whole Vietnamese market in August this year after months of negotiations.
Edward did not disclose the value of the deal. However, he told the Daily that the company invested VND20 billion (over US$1 million) or more in this brand under a 25-year contract valid for the Vietnamese market and that Minh Viet held the option to extend the contract.
Edward confirmed Minh Viet as the master franchisor had the sole right to development, management and transfer of the Coldwell Banker brand in Vietnam. Minh Viet will not franchise the brand at least two years from now, he added.
The office will serve as the nerve center for Coldwell Banker’s development of national and international activities as well as provide the certified brand, tools, training and support necessary for the market and value-adding full-service real estate solutions to clients.
The areas of expertise provided by Coldwell Banker Vietnam cover commercial and residential real estate brokerage, consultancy, investment, facilities management, advertising, research, property valuation, marketing as well as sales, management and career training.
Edward said Coldwell Banker Vietnam would put emphasis on training and had worked with foreign experts to design around 42 programs on real estate trading and management for this market.
Edward ranked Vietnam after Singapore for the property market prospects in Southeast Asia and in the list of top five markets in Asia. He said an example of this was that the Coldwell Banker chief executives worldwide recently convened in the U.S. to watch his presentation on real estate developments in Vietnam in the coming decade.
Edward said more than 10 investors and developers had contacted Coldwell Banker Vietnam to have their properties managed and operated under the brand.
Coldwell Banker Vietnam is working with Minh Viet’s branding and business development team while acquiring exclusive marketing and distribution rights for the developers’ ongoing projects. These include commercial and residential listings for Tricon Towers in Hanoi, The Bayview Towers in Halong and the upcoming Song Ngoc in HCMC.
Edward said the Tricon and The Bayview under construction had investment capital of VND5 trillion (around US$256 million) and nearly VND1.8 trillion (more than US$92 million). The Song Ngoc project requires VND1.3 trillion and is expected to get off the ground in the first quarter of next year.
Coldwell Banker has a 104-year track record of success, 3,600 offices and 97,000 professionals worldwide.
