13:17 (GMT +7) - Saturday 18/08/2018

Property

List Sotheby's International Realty to enter Vietnam next year

Released at: 10:34, 30/07/2018

List Sotheby's International Realty to enter Vietnam next year

Photo: Montgomerie Links Vietnam

Famed broker to expand to Vietnam and Indonesia by end of 2019.

by Do Huong

List Sotheby’s International Realty will expand into the important markets of Jakarta and Bali in Indonesia and Ho Chi Minh City and Hanoi in Vietnam, with operations projected to open in the second half of 2019.

“We regard the residential brokerage market in Vietnam, especially for upper-middle and high-end properties, as still developing but lucrative in the future and believe that now is a very good time for us to initiate our presence in the country,” Mr. Yasushi Yamada, CEO of  LIST Holdings Singapore Pte. Ltd. and Head of Asia Region of   List Sotheby's International Realty, told VET. “We are planning to start the business in the second half of next year with some ten members and a relatively small office in the city center in Ho Chi Minh City.”

Led by owner and CEO Hisashi Kitami, List Sotheby’s International Realty currently has a strong presence throughout the Asia-Pacific region, including offices in Hawaii, Hong Kong, the Philippines, Japan, and Singapore, with a new office in Thailand opening in September.

“The addition of Vietnam and Indonesia to the List Sotheby’s International Realty portfolio will further establish their foothold in Southeast Asia,” said Mr. Philip White, President and CEO of Sotheby’s International Realty Affiliates LLC. “Hisashi Kitami and his team have a strong history of growth in the markets they serve, and we are proud to have them lead this venture.”

“Because of their geographical and economical closeness, the addition of Indonesia and Vietnam to our current portfolio of locations will facilitate more cross-border transactions, which will be beneficial for all stakeholders, including our clients, employees, and agents,” said Mr. Kitami.

The Sotheby’s International Realty network currently has more than 22,000 affiliated independent sales associates located in approximately 950 offices in 70 countries and territories worldwide. In 2017, the brand achieved a record global sales volume of $108 billion.

List Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world.

Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. 

In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.

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