Knight Frank establishes new subsidiary in Vietnam
Knight Frank establishes new subsidiary in Vietnam
Global real estate advisor Knight Frank has established a new subsidiary in Ho Chi Minh City, Vietnam to partner with long-term resident and market leader, Alex Crane, formerly of Crane & Company and Cushman & Wakefield, who becomes managing director effective from December 13.
“We see Vietnam as an attractive market with promising fundamentals, a young, well-educated population, strategically located for the region’s supply chains, enviable economic growth, growing private wealth, and increasingly important market for our international clients,” says Kevin Coppel, managing director, Asia-Pacific at Knight Frank.
Crane said he was honoured to be entrusted to launch the office on behalf of Knight Frank whom he had worked with for many years, assisting them locally with global client accounts.
“Working on this new venture through the pandemic has been incredibly challenging and choosing the right partners is critical. It has been refreshing dealing with Kevin and his team and this gives us great confidence on ensuring we have a people focussed business and can continue to provide first-class service to our clients,” said Crane.
The Vietnamese real estate market is going through rapid growth with an influx of foreign domestic investment continuing despite the pandemic and high-end real estate reaching new heights of quality and values with average apartment sales price increasing 19 per cent on-year in Ho Chi Minh City to $2,800 per square metres. Vietnam’s position as a global player through manufacturing and export has also helped propel the local service industries leading to industrial land prices rising by an average of 8 per cent per year and the fast-growing office market maintaining around 90 per cent occupancy in Ho Chi Minh City and Hanoi.
“We are excited to be opening a new corporate office for an organisation that is 125 years old but has the youthful vigour and dynamism of a startup in Vietnam. We will soon make additional announcements on our core services but naturally will be hitting the ground running on behalf of many local clients in Vietnam and new ones that will be introduced through Knight Frank’s extensive global network,” added Crane.
