I.P.A and Cen Land (CRE) extend strategic partnership
I.P.A and Cen Land (CRE) extend strategic partnership
Century Land JSC (Cen Land, HSX: CRE) and I.P.A Investments Group JSC (I.P.A, HNX: IPA) have recently signed a comprehensive strategic partnership agreement on December 9 to promote sustainable cooperation and development.
Chairman of I.P.A Investments Group Vu Hien said that in recent years, I.P.A and Cen Land have been cooperating extensively, succeeding with cooperation projects. I.P.A and Cen Land will extend this cooperation to achieve stronger development.
Hien has seen a dramatically accelerating pace at Cen Land thanks to the development and adoption of new technologies. Joining the investment from I.P.A and its member companies with Cen Land’s brokerage capacity, Hien expected I.P.A projects would boom. In addition, I.P.A financial service will drive sustained growth of Cen Land.
Cen Land chairman Nguyen Trung Vu shared that I.P.A, VNDirect, and Cen Land had had a long-term relationship for 15 years and have been cooperating for two years. The signing event opens a new chapter with rapid pace and responsibility towards the community and the society. Brokerage is always Cen Land's core value. The company has strengths in marketing, product concept, introducing quality real estate products to homebuyers, and more. With more financial resources, Cen Land will be able to develop faster and offer better services in the real estate chain.
Besides, Cen Land will have opportunities to implement I.P.A’s projects. In 2022, many more projects will be deployed by I.P.A and Cen Land can do more great things with financial investment from I.P.A.
Vu said that in 2021, Cen Land's revenue had reached VND6 trillion ($260.87 million). Cen Land set a revenue target of over VND10 trillion ($434.8 million) in 2022 with more properties for sale.
Witnessing the development of Cen Land as well as I.P.A, vice chairman at Cen Invest (a subsidiary of Cen Group) Vuong Van Tuong commented that it was a result of the strategic partnership between a premier investment company and a leading property service provider in Vietnam.
Under the agreement, I.P.A will research to invest in the real estate service ecosystem of Cen Group (the parent company of Cen Land) with business lines such as project brokerage, development investment, and proptech, among others.
The signing event marks an important milestone, making I.P.A and Cen Land comprehensive strategic partners. The two parties will cooperate to create quality projects, share corporate governance experiences in the digital age, develop human resources, and more.
According to the comprehensive strategic partnership plan between I.P.A Investments Group and Cen Group, in addition to CRE, I.P.A is showing interest in other subsidiaries of Cen Group.
From December 3 to 15, I.P.A registered to buy 22 million CRE shares (10.66 per cent of CRE's capital). Cen Land will have more financial resources for business activities and sustainable development. CRE is aiming to become a blue-chip in 2022 with a market capitalisation of tens of trillions of VND.
For over 19 years of development, Cen Land has affirmed its prestige and pioneering position in the real estate brokerage. The company has powerful sales forces with more than 5,000 sales consultants, Cyber Agent – a large-scale agent community – thousands of connected agencies, authorised agents, and the Cenhomes.vn proptech platform. These have helped Cen Land overcome the difficulties of the COVID-19 pandemic outbreaks and complete the 2021 plan soon.
After 10 months, Cen Land has gained about VND5 trillion ($217.4 million) in net revenue and VND363 billion ($15.8 million) in after-tax profit, completing 100 per cent of the revenue plan and 89 per cent of the 2021 profit plan.
I.P.A is an investment company mainly engaged in finance and real estate. The company’s main activities include financial services, real estate projects, energy trading, and investment activities. I.P.A’s operation in financial services is undertaken by two member companies: VNDirect, a securities company, and I.P.A Securities Investment Fund Management (IPAAM). After the first nine months of 2021, I.P.A's net revenue is VND547 billion ($23.8 million), after-tax profit is VND1.4 trillion ($60.87 million), up 223.7 and 738 per cent, respectively.
The comprehensive strategic partnership agreement between I.P.A and Cen Land plays an integral role at both parties. This is considered a solid foundation for a reliable cooperation, optimal exploitation of their potentials, and improve each other’s capacity and efficiency.
