Ho Chi Minh, Vietnam
With an improved regulatory framework, streamlined administrative procedures, and a dynamic labor market, Vietnam has all the needed potential to transform itself into a more market-oriented economy.
By realizing its great economic potentials, Creed joined the Vietnam housing market and set up the very first representative office in Hochiminh city in 2014.
Seeking a Local Partner
In 2015, Creed visited over thirty project showrooms in Ho Chi Minh City in search for a local developer to tie a strategic alliance and create projects with.
During our search, one company caught our attention — Its showrooms were thoroughly air-conditioned, decorated with luxurious furnitures and accessories, and served by well-trained sales staffs.
This company was An Gia Investment — founded in 2006, recently reformed as a real estate developer in 2014.
The small company with a 100 employees or so impressed us not only with its sales capabilities in its showrooms, but also with its overflowing energy — led by a young CEO in his thirties, An Gia displayed a powerful drive for growth.
Creed x An Gia Relationship
Creed now ties a strategic alliance with An Gia, carrying out a total of 7 projects together in Ho Chi Minh City, hoping to introduce more in the future.
We support our growing partner in many ways: through investment of capital in An Gia's stocks and projects, back-finance for its equity share in the projects, as well as provision of strategic advice.
Our relationship structure allows Creed to efficiently generate profit without holding a large-scale organization in Vietnam.
An Gia's Significant Growth
More than anything, An Gia's growth in the past several years has been outstanding.
By forming a strategic alliance with a global company like Creed, An Gia has realized the significance of finance and corporate governance in real estate businesses: thus allowing for a large improvement in company operations and customer trust.
What used to be a small real estate firm in town has grown to become one of the most notable developers in Vietnam; An Gia's net profit has multiplied 31 times, and total sales amount 15 times since the start of its partnership with Creed in 2015.
An Gia is aiming towards an IPO in late 2019 to early 2020.
Phnom Penh, Cambodia
Ever since our entry in 2012, Creed has built a strong presence in the small nation of Cambodia as a significant foreign developer that provides high-quality housing for local needs.
We operate in Phnom Penh, which has grown significantly in the past decade thanks to its young, growing population.
Identifying the Real Local Needs
As our first step, we conducted an intensive two-year investigation of the Cambodian housing market with our local strategic partner, Triple Gem Assets Limited.
Through our efforts in this research process, we were able to identify a significant dynamic in the population of Phnom Penh: there was an increasing growth in the middle-income sector of the economy, more so than the high or low-income sectors.
Local families who were becoming wealthier needed better housing inside cities to live in: thus creating a vast demand for high-quality housing with an affordable price range.
Intending to meet these demands in the most successful way possible, we carefully structured our strategies.
We aim to create a high quality
"Japanese Standard" end product at handover.
Our product design meets the ideals and needs of local Cambodian households
with many family members.
We provide developer loans and an affordable price range for our customer base.
We strictly meet our construction deadlines: a clear differentiation from our competitors.
Using these strategies, we successfully announced our Borey Maha Sensok in late 2014, and ARATA Garden Residences in mid-2017 — both affordable housing projects that target middle-income households.
Borey Maha Sen Sok is now a completed project with all units sold. The creation of the project spanned for three years; it was announced and started on October 2015, and finished final construction on November 2018.
After the project's completion, Borey Maha Sen Sok has provided 781 local families with a new home and lifestyle environment.
The community has given birth to many new small businesses, such as pharmacies, kindergartens, cafes, and many more.
ARATA Garden Residences is a currently-ongoing project, with 75% of project construction completed.
An average sales of 30 units per month has been achieved for the past one year. Many customers who have purchased our units had already moved in before the project’s completion.
ARATA creates a modern and comfortable residential environment that has received numerous awards from Asia Pacific Property Awards Developments, International Property, Forbes, and Property Guru Cambodia.