Business
CenLand to list shares on HoSE
Cen Group`s real estate brokerage arm CenLand plans to list 50 million shares, equivalent to VND500 billion (US$22 million) of charter capital, on Ho Chi Minh City Stock Exchange (HoSE), according to the latest announcement on the stock exchange.
It is expected that CenLand will list shares in second quarter of this year, which has been delayed in compared with previous plan.
By the end of 2017, CenGroup expected to take CenLand on HoSe by the first quarter of 2018.
Founded in 2002, CenLand is one of the top five real estate brokerage companies in Vietnam, with a sales network of more than 1,200 sales people, nearly two dozen offices and 400 partners countrywide, according to VinaCapital's report.
In 2017, the company sold more than 11,500 units, thanks in part to its relationships with key Vietnamese developers such as Khang Dien House, Sovico, and Trung Thuy Group, to name a few.
In April, VinaCapital's flagship fund Vietnam Opportunity Fund (VOF) picked up a minority stake in CenLand for US$10 million.
"CenLand is already the top broker in the north, with the majority of its business in primary sale. We look forward to the company broadening its presence in the secondary market, where opportunities are expected to grow, and to more fully develop and utilise digital sales channels," VOF managing director Andy Ho said while announcing the investment in CenLand.
Dragon Capital, a Vietnam-focused group of investment funds, earlier also invested US$11 million into the real estate brokerage firm. Currently, VinaCapital and Dragon Capital own 12% and 13% of the brokerage respectively.
CenLand's revenue and after-tax profit in 2017 was US$48 million and US$11 million, respectively. In 2018, CenLand expects revenue to rise to US$61 million, a 24% rise over 2017, with 20-25% earnings growth, on the back of forecasted sales of more than 16,000 units in 71 projects throughout the country.
This year, the real estate company also plans to open its representative offices in other countries to attract foreign investors to the Vietnamese real estate market.
Vietnam's real estate sector saw mergers and acquisitions (M&A) reach a total of US$200 million in the first quarter this year, according to recent estimates by real estate and investment management firm JLL.
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Founded in 2002, CenLand is one of the top five real estate brokerage companies in Vietnam, with a sales network of more than 1,200 sales people, nearly two dozen offices and 400 partners countrywide, according to VinaCapital's report.
In 2017, the company sold more than 11,500 units, thanks in part to its relationships with key Vietnamese developers such as Khang Dien House, Sovico, and Trung Thuy Group, to name a few.
In April, VinaCapital's flagship fund Vietnam Opportunity Fund (VOF) picked up a minority stake in CenLand for US$10 million.
"CenLand is already the top broker in the north, with the majority of its business in primary sale. We look forward to the company broadening its presence in the secondary market, where opportunities are expected to grow, and to more fully develop and utilise digital sales channels," VOF managing director Andy Ho said while announcing the investment in CenLand.
Dragon Capital, a Vietnam-focused group of investment funds, earlier also invested US$11 million into the real estate brokerage firm. Currently, VinaCapital and Dragon Capital own 12% and 13% of the brokerage respectively.
CenLand's revenue and after-tax profit in 2017 was US$48 million and US$11 million, respectively. In 2018, CenLand expects revenue to rise to US$61 million, a 24% rise over 2017, with 20-25% earnings growth, on the back of forecasted sales of more than 16,000 units in 71 projects throughout the country.
This year, the real estate company also plans to open its representative offices in other countries to attract foreign investors to the Vietnamese real estate market.
Vietnam's real estate sector saw mergers and acquisitions (M&A) reach a total of US$200 million in the first quarter this year, according to recent estimates by real estate and investment management firm JLL.
