The beginning…
The real estate market in Vietnam has been formed for about 20 years since the Law on Land 1993. But it started to change in the 1990s, as the U.S. moved to normalize diplomatic ties, Vietnam began to integrate, boomed in 2001-2002 and peaked in 2003. At that time, the concepts such as authorized agents, realtors, etc in real estate are strange to the public. Local realtors took homebuyers to the project location and received commission if the transaction were completed.
In that period, Century 21 Truong Thanh Real Estate Joint Stock Company was established under the franchise model (Real estate brand from America: Century 21). From the beginning, with the limited financial source, Cen Land quickly affirmed its position in the market thanks to unique feature: No fee from the homebuyer. At the same time, the Company developed transaction offices in new urban areas. Professionalism is the strong point of Cen Land to compete with foreign sales agencies who dominated the market at that time.
Boom…
In the 2007-2014 period, the real estate market had an unprecedented large scale due to the positive signals of the economy such as Vietnam joining the WTO (2007), the booming stock market and large capital inflows in the real estate from this source. This made the market supply soar, and developers need professional sellers!
In 2006, the Law on Real Estate Business was approved, and took effect in 2008. From then, the real estate brokerage in Vietnam was officially recognized by law. Cen Land is one of the first 15 real estate sales agencies to be licensed for meeting the standards of the Ministry of Construction, and one of the founding members of Vietnam Network for Real Estate Transaction Floors (the predecessor of Vietnam Association of Realtors).
During over 17 years, Cen Land has gained many impressive achievements.
Cen Land's strategic vision is to become a professional real estate sales and marketing agency.
However, by the end of the cycle, a series of real estate exchanges had to close, brokers left the market when the real estate froze in the period of 2010 - 2013. Foreign real estate consultancy and brokerage agencies no longer attracts local developers. At this time, Cen Land has shown their role when reviving the market and rescuing projects.
An important milestone of Cen Land in this period was the launch of STDA in 2012. This is the first and largest real estate sales agency in Vietnam to integrate all the real estate services, display hundreds of projects from all provinces and cities across the country and well meet the sales needs of developers.
With STDA, Cen Land became the "real estate brokerage market leader" in 2014-2015, this system ranked first in real estate brokerage with 34% market share in Hanoi and 15% market share in Ho Chi Minh City.
Market leadership ...
After four years, STDA has about 3,000 sales executives, sells tens of thousands of real estate products, but the growth slowed down. Because of the large supply, the developers want to assign STDA but STDA's human resources are limited while many brokers and other small sales agencies are unable to access the developers. As a brokerage market leader of Vietnam's real estate, in 2016, Cen Land decided to invite realtors and other sales agencies to sell its real estate projects for sale. With the support of technology, nghemoigioi.vn, the precursor of CenHomes.vn, connected thousands of connected agencies and tens of thousands of authorized agents. Nghemoigioi.vn then pioneered in the online real estate brokerage market.
Cen Land maintains regular project introduction activities, opening weekly sales to attract thousands of customers to attend. During the COVID-19 outbreak, Cen Land quickly switched to the form of online open-for-sales events.
In 2017, the Company reached 11,555 successful brokerage transactions and accounted for approximately 40% market share of Hanoi and 20% of the national market share; Net revenue in 2017 was 1,115.46 billion dong, an increase of 84.35% over 2016 and the Company's net profit in 2017 was 253.26 billion dong, an increase of 86.97% over 2016.
Cen Land are honored to be among Top 5 Prestigious Real Estate Sales Agencies, Top 500 Most Profitable Enterprises in Vietnam in 2019 by Vietnam Report, etc.
In 2018, 50 million shares of Cen Land (Ticker: CRE) was officially listed on the HoSE, marking an important turning point. Cen Land opened the first overseas representative office in South Korea in the strategy of globalizing the real estate marketing and sales system. In 2019, Cen Land launched Cen X Space co-working space model.
Cenhomes.vn, a pioneering proptech platform in Vietnam, was debut to aim at convenient real estate brokerage transactions with interesting customer experiences thanks to Industry 4.0.
On May 10, 2019, Cen Homes Proptech Platform Launching Ceremony brought a new turning point for the real estate market.
Thanks to the advanced technology, despite the impact of the Covid-19 pandemic, Cen Land still has regular brokerage transactions. This is a typical proof of the effectiveness of digital transformation.
Cen Land's next steps will be digital real estate business and trendy real estate products that meet the inevitable needs such as serviced apartments, logistics real estate, or a second home for customers who want to improve their quality of life, etc.
With the successes and experience, Cen Land always brings the real value to customers, partners and the community.
