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Sotheby’s opens 2nd office in Vietnam

Da Nang airport expansion expected to boost demand for vacation homes

An expansion of Da Nang International Airport is expected to increase demand for vacation homes in Vietnam’s Central Coast region, Sotheby’s International Realty Affiliates LLC said today in announcing the opening of Vietnam Sotheby’s International Realty’s second office in the country.

Vietnam Sotheby’s International Realty opened its first office in Ho Chi Minh City in December 2008. The opening of a new terminal at Da Nang International Airport in December boosts the airport’s annual capacity to more than 4 million passengers a year.

"We have long considered the Da Nang-Hoi An area a key target in Vietnam’s luxury market and of particular importance for Vietnam Sotheby’s International Realty," said Michael Piro, country manager for Vietnam Sotheby’s International, in announcing the opening of a second office at the Montgomerie Links Golf Course in Quang Nam Province.

Piro said Vietnam Sotheby’s International is the exclusive representative of properties that include the newly opened Hyatt Regency Da Nang Residences, luxury pool villa residences at The Nam Hai (operated by GHM) and The Estates at Montgomerie Links.

The Sotheby’s International Realty network of independent brokerages have 12,000 sales associates located in approximately 600 offices in 45 countries worldwide. Brokerages affiliated with the network in the Asia Pacific region operate offices in Phuket, Thailand; Hong Kong; Taiwan; Japan; and New Zealand.

Sotheby’s International Realty Affiliates LLC is a subsidiary of Parsippany, N.J.-based Realogy Corp., which licenses the Sotheby’s name from the operator of the auction house.

Last month, Keller Williams Realty Inc. announced that it had signed a brokerage in Vietnam as its first overseas "master franchise," and was in discussions with potential franchisees in South Africa, New Zealand, Indonesia, Egypt and several Middle Eastern countries.

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