In the year 2022, Savills, CBRE, JLL,… all made profits after tax, except for a Vietnamese company called PSA.
In recent years, with the rapid development of the real estate market and the fast urbanization rate, Vietnam has gradually attracted the attention and become a destination for the “big players” in the global real estate service, property management field such as Savills, CBRE, JLL,…
According to the recent report published by Vietdata, these companies have an absolute advantage in revenue in the property management service sector in Vietnam.
However, contrary to the outstanding revenue, the report also shows that the after-tax profit of the world’s leading names in the real estate service and property management sector is not very positive, even far behind a domestic company with significantly lower revenue which is PSA Asset Management Corporation .
Source: Vietdata
Savills leading in revenue
According to Vietdata, Savills is one of the global real estate service and property management companies with over 600 representative offices in more than 60 countries. Joining the Vietnamese market in 1995, Savills now has over 28 years of experience in consulting and managing various types of real estate throughout Vietnam, including commercial centers, offices, high-end apartments, and urban areas
Currently, Savills Vietnam manages over 8 million square meters of real estate. Some famous buildings include: PVI Tower, BIDV Tower (Hanoi), Saigon Pearl, The Vista (HCM),… Besides, Savills is also one of the real estate companies with a huge and professional staff ready to meet all customers’ needs.
In terms of business situation, data from Vietdata shows that the gross revenue of Savills Vietnam tends to grow steadily over the years. In 2022, the gross revenue of the brand reached nearly VND 790 billion.
However, unlike the trend of gross revenue, the after-tax profit of the company fluctuates slightly, around VND 22-23 billion per year.
Source: Vietdata
CBRE stable in revenue, fluctuated profit
According to Vietdata, CBRE is the world’s largest investment and commercial real estate service company.
Joining the Vietnamese market in 2003 with the mission of being a strategic consulting unit and providing leading real estate services nationwide. Up to now, after 18 years of development, CBRE has over 700 employees working in 3 representative office branches in Vietnam.
CBRE Vietnam is currently one of the largest property management units in Vietnam with about 1.3 million square meters of real estate. Typical projects managed by CBRE include: Vincom City Towers, Grand Plaza Hanoi,… in Hanoi and The River Thu Thiem, Sunshine Venicia,… in HCM.
In terms of business situation, data from Vietdata shows that CBRE Vietnam’s gross revenue fluctuates slightly over the years. In 2022, the gross revenue of the brand reached nearly VND 560 billion, a decrease of 1.3% compared to the previous year.
Along with the trend of gross revenue, the after-tax profit of the company shows a strong fluctuation. After the profit almost doubled in 2021, this number shows less optimistic signal in 2022, returning to the profit level of about VND 15 billion, which is almost equal to 2020.
JLL – similar revenue but lower profit than CBRE
According to Vietdata, JLL is a leading corporation specializing in professional real estate management and investment services in the United States. Since its establishment in 2006, JLL Vietnam has developed into a leading real estate consulting company in Vietnam, with over 450 employees.
JLL has the largest commercial real estate consulting team in Vietnam and provides full professional services including research and valuation, landlord and tenant representation, project development management, technical administration management, and real estate asset management.
In terms of business situation, data from Vietdata shows that Jones Lang LaSalle recorded stable growth in gross revenue each year, reaching over VND 510 billion in 2022.
Along with the positive growth trend, the after-tax profit recorded a breakthrough in 2021 and 2022, 3-4 times higher than the profit in 2020. In 2022, JLL achieved a profit of about VND 10 billion, however, this figure is still far behind the profit of CBRE at about VND 15 billion.
PSA – leading profit despite falling behind in revenue
Contrary to the picture of massive revenue of foreign giants, in the property management sector, in 2022, PSA Asset Management Corporation leads in after-tax profit despite its 5th rank in the market in terms of revenue, behind names like: Savills, PMC, CBRE, JLL.
According to Vietdata, PSA Asset Management Corporation is a subsidiary of Petrosetco Joint Stock Corporation, which is a member company of PetroVietnam General Services Corporation. With more than 16 years of operation in the field of real estate management and operation, PSA has achieved many proud achievements and managed high-end real estate projects such as: PetroVietnam 18 Lang Ha Building, Vietnam Petroleum Institute Building, Vietnam Bank for Agriculture and Rural Development Building,…
