MILESTONES

  • 2008
  • Executive Director, Aidan Wee relocated from Singapore and founded a real estate service company within Ho Chi Minh City Vietnam in June 2008 together with 2 other partners. This company, Meyzer Properties (Vietnam) had its core business in corporate leasing, project marketing and resale. Working out of a 15 sqm room within a borrowed office in Ho Chi Minh City’s District 3, Aidan built the business from ground up together with the assistance of an employed personal assistant.

  • 2010
  • Meyzer Properties (Vietnam) outgrew its old and moved into a new 100 sqm office in Ho Chi Minh City’s District 1 within a residential building. Increasing its head count to approximately 20 salespersons and 5 supporting staff. During this period current partner John Lee invested into the company to form a long-lasting partnership with Aidan.

  • 2012
  • Due to the effect of Vietnam’s extended economic crisis, the company had to downsize due to increasing competition, stagnant property market and depleting cash reserves.

  • 2014
  • With the announcement of regulatory changes to open Vietnam’s real estate market for foreigners to buy and own property here, Aidan and John decided to restructure the company and rebuilt the business. The new company was to be SoMot Real Estate Agency, with Aidan leading the revamped company as its Managing Director together with the assistance of another employed personal assistant.

  • 2015
  • SoMot Real Estate Agency became profitable within months due to low operation costs and stable income stream. With new found scalability and confidence, Aidan spearheaded a push to adopt an international brand name to grow the business as a full-fledged real estate agency so that the business can enjoy economies of scale and be resilient in a down market.

  • 2016
  • In April, SoMot entered into a joint-venture with a top-4 real estate agency from Singapore that was a market leader in residential project marketing to operate under its brand umbrella. This year was also significant as Aidan and John welcomed Tino Vo into their partnership, with the trio holding a majority stake in the joint-venture.

  • 2017
  • This year saw the joint-venture gain significant traction by increasing its market share in its core business of residential project marketing. The number of salespersons registered with the join-venture also grew to an all time high of approximately 100 strong. The joint-venture was appointed as lead agency for several projects by established international developers and prominent local developers. Revenue increased steadily and by the end of 2017 the joint-venture was already profitable.

  • 2018
  • However, the company was not progressing along the direction as envisioned, with Aidan gaining the consensus of both John and Tino, and together the trip decided to discontinue with their former brand partner. In May the former joint-venture company was wound-up. In June, Aidan spearheaded an approach and courtship of PropNex, the largest real estate agency in Singapore with an increasing focus on regional expansion. With the trio already clearly knowing what support they needed from their brand partner, discussions moved at an unprecedented pace with all parties being decisive and in August the new joint-venture company was officially announced.


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