Off Plan Apartment purchase

EamonQ wrote:

Hi, has anyone purchased a off plan apartment? How did you find the whole process. Also where to find future projects with completion 2022 and beyond. Many thanks

I have, well I provided the money to buy it off plan. We bought off plan at Phuc Yen 2 & the process for my Vietnamese "wife" & me was very easy & everything went very well & the costs were a lot less than the second apartment bought at the same development not off plan.
However as a word of caution & I have told this story before on here. I knew an American who lived at Phuc Yen 2 who bought 2 apartments off plan at a development just down the road & that was like about 4 years back & he lost all his money....why.....well as far as I know the developer/investor did a runner with the cash!! That development is all locked up tight been since it was half built & not one bit of work done since. Even the cranes, cement mixers etc are all locked up tight within the development perimeter fence.

You need to look at who is doing the development, what banks are involved & any previous developments they have completed & the quality of work.

Future developments, well depends where you want to live or invest & how much you want to spend. I will move to my new place next week at Celadon City Emerald Tan Phu & this is the area I like to live in (but not a preferential area for all ex pats). I will consider buying there off plan at the new development Celadon City Diamond.



https://www.youtube.com/watch?v=O-NBzwxauZEhttps://www.youtube.com/watch?v=hMAhfyI5mso

EamonQ wrote:

Hi, has anyone purchased a off plan apartment? How did you find the whole process. Also where to find future projects with completion 2022 and beyond. Many thanks

While members of the forum may tell you how they accomplished this, it's important to note that, under Vietnamese law its illegal for developers to sell "off plan"

OceanBeach92107 wrote:

EamonQ wrote:

Hi, has anyone purchased a off plan apartment? How did you find the whole process. Also where to find future projects with completion 2022 and beyond. Many thanks

While members of the forum may tell you how they accomplished this, it's important to note that, under Vietnamese law its illegal for developers to sell "off plan"

never heard that one before then.......every new development I have been involved in & looked at & there have been many believe me are selling off plan, its standard practice. Just go into any new development web site & all are openly selling off plan stepped payments over the development time scale & I mean every one of them.

Thank you. Yes a established developer would be paramount. I would also engage a local lawyer to do a complete due diligence before I committed.
Thanks again
Eamon

Hi What I understand is that the developer can't start to sell off the plan until the foundations of the development have been commenced. Thank you I will investigate more to make sure I am not mistaken.

EamonQ wrote:

Hi What I understand is that the developer can't start to sell off the plan until the foundations of the development have been commenced. Thank you I will investigate more to make sure I am not mistaken.

One of Vinhomes current developments off plan payment schedule & dont tell me they are doing anything Illegal!!

Lots of people buy off the plan. Thats why they are always advertising them on the net. But make sure its a reputable company.

OceanBeach92107 wrote:

EamonQ wrote:

Hi, has anyone purchased a off plan apartment? How did you find the whole process. Also where to find future projects with completion 2022 and beyond. Many thanks

While members of the forum may tell you how they accomplished this, it's important to note that, under Vietnamese law its illegal for developers to sell "off plan"

I'm glad I got the attention of those who disagree.

They are good sources of information regarding how it works in reality.

But it's still very important for someone investigating this to understand that NO developer can legally sell any property that's TOTALLY off-plan.

This from an unofficial source that's been quoted here before (the blog article quotes the relevant legal statutes):

Vietnam-Business-Law.info (structure-for-selling-off-plan-appartments-at-pre-foundation-stage-in-vietnam)

"Under Vietnamese law, a housing developer (Developer) is not allowed to sell apartments formed in the future (off-plan apartment) (căn hộ hình thành trong tương lai) before completing construction of foundation of the apartment building where such off-plan apartment located (Pre-Foundation Stage) (Article 55 of Law on Real Estate Business 2014). However, in practice, by engaging an independent entity to act as an agency/broker (Agency), it seems that many Developers have “overcome” this limitation. While there are certain legal risks (as discussed below), the transaction structure involving an Agency at the Pre-Foundation Stage may facilitate capital arrangements and customer acquisition of Developers for housing projects (Project)."

OceanBeach92107 wrote:

OceanBeach92107 wrote:

EamonQ wrote:

Hi, has anyone purchased a off plan apartment? How did you find the whole process. Also where to find future projects with completion 2022 and beyond. Many thanks

While members of the forum may tell you how they accomplished this, it's important to note that, under Vietnamese law its illegal for developers to sell "off plan"

I'm glad I got the attention of those who disagree.

They are good sources of information regarding how it works in reality.

But it's still very important for someone investigating this to understand that NO developer can legally sell any property that's TOTALLY off-plan.

This from an unofficial source that's been quoted here before (the blog article quotes the relevant legal statutes):

Vietnam-Business-Law.info (structure-for-selling-off-plan-appartments-at-pre-foundation-stage-in-vietnam)

"Under Vietnamese law, a housing developer (Developer) is not allowed to sell apartments formed in the future (off-plan apartment) (căn hộ hình thành trong tương lai) before completing construction of foundation of the apartment building where such off-plan apartment located (Pre-Foundation Stage) (Article 55 of Law on Real Estate Business 2014). However, in practice, by engaging an independent entity to act as an agency/broker (Agency), it seems that many Developers have “overcome” this limitation. While there are certain legal risks (as discussed below), the transaction structure involving an Agency at the Pre-Foundation Stage may facilitate capital arrangements and customer acquisition of Developers for housing projects (Project)."

Thats true but when have laws been followed here.

If I remember correctly, banks require a certain amount of units to be pre-sold before borrowing money to start construction.

Im sure Corderx can enlighten us to how things actually work.

OceanBeach92107 wrote:

OceanBeach92107 wrote:

EamonQ wrote:

Hi, has anyone purchased a off plan apartment? How did you find the whole process. Also where to find future projects with completion 2022 and beyond. Many thanks

While members of the forum may tell you how they accomplished this, it's important to note that, under Vietnamese law its illegal for developers to sell "off plan"

I'm glad I got the attention of those who disagree.

They are good sources of information regarding how it works in reality.

But it's still very important for someone investigating this to understand that NO developer can legally sell any property that's TOTALLY off-plan.

This from an unofficial source that's been quoted here before (the blog article quotes the relevant legal statutes):

Vietnam-Business-Law.info (structure-for-selling-off-plan-appartments-at-pre-foundation-stage-in-vietnam)

"Under Vietnamese law, a housing developer (Developer) is not allowed to sell apartments formed in the future (off-plan apartment) (căn hộ hình thành trong tương lai) before completing construction of foundation of the apartment building where such off-plan apartment located (Pre-Foundation Stage) (Article 55 of Law on Real Estate Business 2014). However, in practice, by engaging an independent entity to act as an agency/broker (Agency), it seems that many Developers have “overcome” this limitation. While there are certain legal risks (as discussed below), the transaction structure involving an Agency at the Pre-Foundation Stage may facilitate capital arrangements and customer acquisition of Developers for housing projects (Project)."

While members of the forum may tell you how they accomplished this, it's important to note that, under Vietnamese law its illegal for developers to sell "off plan"

The guy EamonQ obviously know a lot more than you do.

In bold is the sweeping statement you made & its obvious on this occasion you dont know what you are talking about. What does it matter if its post foundation its still "off plan" & its standard practice here. I seriously doubt you have ever actually gone down the rout of buying a property here so why do you even bother to comment.
I can just imagine you franticly trawling the internet for hours desperate to gain credence for your statement. Off plan is off plan IE not completed. See below for terminology OFF PLAN.

Buying off-plan means committing to buy a property before it's finished being built. This often means before it's started to be built, but not necessarily: even if the property is well on its way to being finished, it's still technically an off-plan purchase.

Why not buy it once its nearly finished?
If really want buy of plan make sure ur stage payments are inline with their construction progress.. so no date payments but 1 payment once foundation done second payment once highest floor been reached  etcetc

colinoscapee wrote:

Im sure Corderx can enlighten us to how things actually work.

Just catching up on this thread and wanted to share my thoughts. I'll try to keep it as simple as possible as the topic of “real estate” in Vietnam can lead you down a rabbit hole.

The definition of “buying off plan” is buying into a project that is yet to be completed but the “plans” have been approved by the local government. Once the plans have been approved, the developer must pay for the land use fee to the government in order to receive the construction license for the project.

Next, the developer must complete the foundation including any subterranean parking areas in order to apply for a license to officially offer the project for sale to the general public. The government does this to ensure that the developer has some skin in the game by paying for the land use fee and foundation, which is very costly.

Once approved for sale, the developer has all the rights to sale the project with just the foundation completed and a promise to complete the project in 2-3 years. This is where people start to buy “off the plan.”

This is also where the magic happens, developers bend, not break, the law into their advantage. Since they have the renderings of the project and confidence that they will receive approval especially for big developers such as Vinhomes or Novaland, they start to pre market the project and gather interest in the form on refundable bookings. By the time the project has its sales license, they already have buyers lined up, already chose their unit, and ready to start their 3 year payment plan.

In some cases such as in HCMC, they gather about 1,500 bookings for 400 available units. From there, they do a lucky draw on the event launch date to see who gets a chance to buy. Developers in HCMC can sell out their project in 1 launch event and within 2 weeks their after.

So to answer one question, why not wait until the project is nearly completed to buy? Because it most likely be sold out for well-located projects by reputable developers by the time you came around looking at it.

It also has to do with how Vietnamese developers finance the project, and it is within their rights in the law. In western countries, developers buy the land, invest equity roughly 20%, and obtain a construction loan (2-3 years) to build the project. Once they complete the project, they sell it, and pay back the construction loan and keep the profit.

In Vietnam, it's different. Interest rate from banks for construction loan is very high and most developers don't even go that route. Why? Because they already have consistent money coming in for the next 3 years if they sell all their units, which includes their profit. They use the money towards either construction of the project or put it in an interest bearing account to make more money. Just imagine your monthly installment payments going towards completing the building. Vietnam developers have it easy since they already realize their profit in the presale, and all they have to do is to complete the building.

Bottom line, yes everyone buys off plan for new apartment projects in Vietnam. But make sure the plan is approved or you'll be buying “off plan” on a ghost project.

CoderX10 wrote:

colinoscapee wrote:

Im sure Corderx can enlighten us to how things actually work.

Just catching up on this thread and wanted to share my thoughts. I'll try to keep it as simple as possible as the topic of “real estate” in Vietnam can lead you down a rabbit hole.

The definition of “buying off plan” is buying into a project that is yet to be completed but the “plans” have been approved by the local government. Once the plans have been approved, the developer must pay for the land use fee to the government in order to receive the construction license for the project.

Next, the developer must complete the foundation including any subterranean parking areas in order to apply for a license to officially offer the project for sale to the general public. The government does this to ensure that the developer has some skin in the game by paying for the land use fee and foundation, which is very costly.

Once approved for sale, the developer has all the rights to sale the project with just the foundation completed and a promise to complete the project in 2-3 years. This is where people start to buy “off the plan.”

This is also where the magic happens, developers bend, not break, the law into their advantage. Since they have the renderings of the project and confidence that they will receive approval especially for big developers such as Vinhomes or Novaland, they start to pre market the project and gather interest in the form on refundable bookings. By the time the project has its sales license, they already have buyers lined up, already chose their unit, and ready to start their 3 year payment plan.

In some cases such as in HCMC, they gather about 1,500 bookings for 400 available units. From there, they do a lucky draw on the event launch date to see who gets a chance to buy. Developers in HCMC can sell out their project in 1 launch event and within 2 weeks their after.

So to answer one question, why not wait until the project is nearly completed to buy? Because it most likely be sold out for well-located projects by reputable developers by the time you came around looking at it.

It also has to do with how Vietnamese developers finance the project, and it is within their rights in the law. In western countries, developers buy the land, invest equity roughly 20%, and obtain a construction loan (2-3 years) to build the project. Once they complete the project, they sell it, and pay back the construction loan and keep the profit.

In Vietnam, it's different. Interest rate from banks for construction loan is very high and most developers don't even go that route. Why? Because they already have consistent money coming in for the next 3 years if they sell all their units, which includes their profit. They use the money towards either construction of the project or put it in an interest bearing account to make more money. Just imagine your monthly installment payments going towards completing the building. Vietnam developers have it easy since they already realize their profit in the presale, and all they have to do is to complete the building.

Bottom line, yes everyone buys off plan for new apartment projects in Vietnam. But make sure the plan is approved or you'll be buying “off plan” on a ghost project.

The key to all this is buying from a reputable company. Here in VT there used to be three developments that sat idle for years having only constructed the sub-floors and one or two floors. Larger companies took over and the properties were completed.

My advice to anyone thinking of buying, don't buy from a government owned company. The workmanship is very poor and maintenace is non-existent.

Mangoshake wrote:

Why not buy it once its nearly finished?
If really want buy of plan make sure ur stage payments are inline with their construction progress.. so no date payments but 1 payment once foundation done second payment once highest floor been reached  etcetc

All payment schedules in Vietnam are based on dates and never based on the construction progress. The sales contract, which is non negotiable, is very tight between buyer and developer and lays out all the rights and responsibilities of each party. There are penalties in place, in the form of interest, if the developer don't handover the project by a specific time.

colinoscapee wrote:

If I remember correctly, banks require a certain amount of units to be pre-sold before borrowing money to start construction.

Not true. Banks partner with leading developers to offer financing to potential customers. The bank will also qualify the borrower to ensure the person that is borrowing the money meets all their criteria. The money for the construction is coming from 1) the developer and 2) the monthly installment payments from the sold units.

EamonQ wrote:

Hi, has anyone purchased a off plan apartment? How did you find the whole process. Also where to find future projects with completion 2022 and beyond. Many thanks

Your best bet is to work with a reputable agent like CBRE or Savills. They have strong relationships with developers to know what's coming to the market.

EamonQ wrote:

Thank you. Yes a established developer would be paramount. I would also engage a local lawyer to do a complete due diligence before I committed.
Thanks again
Eamon

No need to hire a lawyer if you are familiar with purchase contracts. It is also non negotiable. Once you start requesting changes to the contract, the agent and/or developer will stop taking your calls as you will be considered low probability. Just stick with big name developers that have a track record of completed projects and a pipeline of upcoming projects, and you'll be just fine. You can always visit their completed projects to get an idea of their craftmanship.

CoderX10 wrote:

colinoscapee wrote:

If I remember correctly, banks require a certain amount of units to be pre-sold before borrowing money to start construction.

Not true. Banks partner with leading developers to offer financing to potential customers. The bank will also qualify the borrower to ensure the person that is borrowing the money meets all their criteria. The money for the construction is coming from 1) the developer and 2) the monthly installment payments from the sold units.

No wonder so many buildings stall, not having substanial sales before starting a project is a recipe for disaster. This doesnt refer to the cashed-up companies like Vingroup or Nova who have sufficent funds and assets.

colinoscapee wrote:

No wonder so many buildings stall, not having substanial sales before starting a project is a recipe for disaster. This doesnt refer to the cashed-up companies like Vingroup or Nova who have sufficent funds and assets.

Yup, they rely heavily on the sale proceeds. You see more stalled projects in smaller markets like Vung Tau. The demand is not there compared to major markets like HCMC, Hanoi, and Da Nang.

Typo erro

CoderX10 wrote:

Mangoshake wrote:

Why not buy it once its nearly finished?
If really want buy of plan make sure ur stage payments are inline with their construction progress.. so no date payments but 1 payment once foundation done second payment once highest floor been reached  etcetc

All payment schedules in Vietnam are based on dates and never based on the construction progress. The sales contract, which is non negotiable, is very tight between buyer and developer and lays out all the rights and responsibilities of each party. There are penalties in place, in the form of interest, if the developer don't handover the project by a specific time.

Only a fool would sign such agreement with stage payments based just on dates instead of on building progress.
Anyway i will just rent in VN the whole process isn't foreigner friendly at all. I better keep investments in Thailand and Phillipines.

Mangoshake wrote:

CoderX10 wrote:

Mangoshake wrote:

Why not buy it once its nearly finished?
If really want buy of plan make sure ur stage payments are inline with their construction progress.. so no date payments but 1 payment once foundation done second payment once highest floor been reached  etcetc

All payment schedules in Vietnam are based on dates and never based on the construction progress. The sales contract, which is non negotiable, is very tight between buyer and developer and lays out all the rights and responsibilities of each party. There are penalties in place, in the form of interest, if the developer don't handover the project by a specific time.

Only a fool would sign such agreement with stage payments based just on dates instead of on building progress.
Anyway i will just rent in VN the whole process isn't foreigner friendly at all. I better keep investments in Thailand and Phillipines.

If payment schedule is based on construction progress, how would you as the buyer verify it has been completed before making your payment? Walk and inspect the construction site yourself? Lol. I guess you can say there's hundreds of thousands of fools in Vietnam that was successful in purchasing a unit and making a profit renting it back to a foreigner.

CoderX10 wrote:

Mangoshake wrote:

CoderX10 wrote:

All payment schedules in Vietnam are based on dates and never based on the construction progress. The sales contract, which is non negotiable, is very tight between buyer and developer and lays out all the rights and responsibilities of each party. There are penalties in place, in the form of interest, if the developer don't handover the project by a specific time.

Only a fool would sign such agreement with stage payments based just on dates instead of on building progress.
Anyway i will just rent in VN the whole process isn't foreigner friendly at all. I better keep investments in Thailand and Phillipines.

If payment schedule is based on construction progress, how would you as the buyer verify it has been completed before making your payment? Walk and inspect the construction site yourself? Lol. I guess you can say there's hundreds of thousands of fools in Vietnam that was successful in purchasing a unit and making a profit renting it back to a foreigner.

Example First 10% down once  finishing of the foundation, second 10% once reaching the highest floor level in the condominium , third 10% once all windows been fitted in of the building. Very simple to verify this, you don't have to be a genius. However even then I won't buy here off-plan and I won't buy units at all in VN because the overall process for foreigners is made dodgy and prices are to high specially for poor leaseholds.

Mangoshake wrote:

CoderX10 wrote:

Mangoshake wrote:

Only a fool would sign such agreement with stage payments based just on dates instead of on building progress.
Anyway i will just rent in VN the whole process isn't foreigner friendly at all. I better keep investments in Thailand and Phillipines.

If payment schedule is based on construction progress, how would you as the buyer verify it has been completed before making your payment? Walk and inspect the construction site yourself? Lol. I guess you can say there's hundreds of thousands of fools in Vietnam that was successful in purchasing a unit and making a profit renting it back to a foreigner.

Example First 10% down once  finishing of the foundation, second 10% once reaching the highest floor level in the condominium , third 10% once all windows been fitted in of the building. Very simple to verify this, you don't have to be a genius. However even then I won't buy here off-plan and I won't buy units at all in VN because the overall process for foreigners is made dodgy and prices are to high specially for poor leaseholds.

Appreciate your commitment to renting and allowing foolish landlords, like myself, to profit. We need more people like you.

Mangoshake wrote:

Example First 10% down once  finishing of the foundation, second 10% once reaching the highest floor level in the condominium , third 10% once all windows been fitted in of the building. Very simple to verify this, you don't have to be a genius. However even then I won't buy here off-plan and I won't buy units at all in VN because the overall process for foreigners is made dodgy and prices are to high specially for poor leaseholds.

Why do you keep discussing it?  It's obvious you don't have the stomach for it.  Just rent and move on.

CoderX10 wrote:

Mangoshake wrote:

CoderX10 wrote:

If payment schedule is based on construction progress, how would you as the buyer verify it has been completed before making your payment? Walk and inspect the construction site yourself? Lol. I guess you can say there's hundreds of thousands of fools in Vietnam that was successful in purchasing a unit and making a profit renting it back to a foreigner.

Example First 10% down once  finishing of the foundation, second 10% once reaching the highest floor level in the condominium , third 10% once all windows been fitted in of the building. Very simple to verify this, you don't have to be a genius. However even then I won't buy here off-plan and I won't buy units at all in VN because the overall process for foreigners is made dodgy and prices are to high specially for poor leaseholds.

Appreciate your commitment to renting and allowing foolish landlords, like myself, to profit. We need more people like you.

I confident that i own more properties in Asia than you..Enjoy ur 50 years leasehold agreement and good luck and lots of patience with re-selling i sure ur unit has doubled in value.🤥 Oh for locals the system can be straight forward however i'am a foreigner and overall the condo ownership market in VN isn't attractive for me.

Mangoshake wrote:

i'am a foreigner and overall the condo ownership market in VN isn't attractive for me.

Mangoshake wrote:

I confident that i own more properties in Asia than you..Enjoy ur 50 years leasehold agreement and good luck and lots of patience with re-selling i sure ur unit has doubled in value.🤥 Oh for locals the system can be straight forward however i'am a foreigner and overall the condo ownership market in VN isn't attractive for me.

Making misguided statements like that without knowing the other person's background, if anything, shows me there's a lack of confidence. I also don't come on this forum looking for a pissing contest with strangers. I come on here, like most, to find valuable information about Vietnam from other expats that have gone through it, in a short period of time by reading post from respected contributors. I started to chime in with my own experience as it pertains to real estate in Vietnam and in general.

I have a MBA with an emphasis in real estate. In my short career, I've marketed and sold over 1 billion USD in multifamily investment assets. It's very complex work to sell and transfer a large apartment building to one buyer from cradle to grave. I've used those same investment fundamentals when it comes to my personal investments. I'm retired, and focused on growing my own portfolio which spans more than just Vietnam.

I've done extensive due diligence before investing into Vietnam and only shared my experience with verifiable facts, as you can see from most of my previous post. You, however, provided no real value to this thread or addressed any of the OP's questions, with the exception of providing your ill-informed opinion, which you are fully entitled to.

When you make misleading statements like, “why not buy it once its finished,” or objecting to the only option for payment, it shows everyone here you clearly don't have all the information to formulate your conclusion or the stomach to handle the process. We all would like to buy real estate under our own terms but that's not the reality.

And when you make insulting statements that starts with “only a fool would”…I take exception to that, as any expat here would that are just trying to share their honest experience. There's nothing foolish if you have done your due diligence, a developer willing to sell you a unit, you accept the terms, willing to pay money, and received what you agreed to buy. That sounds like a straight forward business transaction to me.

People like you that have provided no real value or experience to comment on a subject matter is what this site does not need. So just stop while you are behind. The more you post the more credibility you are losing.

CoderX10 Wrote : There's nothing foolish if you have done your due diligence, a developer willing to sell you a unit, you accept the terms, willing to pay money, and received what you agreed to buy. That sounds like a straight forward business transaction to me. 🤔🤡🤡

Sorry but that's not the way how i buy properties and it sounds very naive to me. You did a long real estate research and Vietnam came out on top. while i did just a short research to came to the conclusion that Vietnam with their current old dated property laws and vague banking and visa rules for foreign investors is totally uninteresting for me. So i be fine to rent in VN and continue to buy elsewhere. No hard feelings ! And good-luck with ur next off-plan, upfront paid, 50 years leasehold unit 🤢

Mangoshake wrote:

CoderX10 Wrote : There's nothing foolish if you have done your due diligence, a developer willing to sell you a unit, you accept the terms, willing to pay money, and received what you agreed to buy. That sounds like a straight forward business transaction to me. 🤔🤡🤡

Sorry but that's not the way how i buy properties and it sounds very naive to me. You did a long real estate research and Vietnam came out on top. while i did just a short research to came to the conclusion that Vietnam with their current old dated property laws and vague banking and visa rules for foreign investors is totally uninteresting for me. So i be fine to rent in VN and continue to buy elsewhere. No hard feelings ! And good-luck with ur next off-plan, upfront paid, 50 years leasehold unit 🤢

Im happy with my 150% increase in 2-years on our land here in Viet Nam. Try doing that in Thailand.

CoderX10 wrote:

I have a MBA with an emphasis in real estate. In my short career, I've marketed and sold over 1 billion USD in multifamily investment assets.

Hi Coderx10, I recently received my MBA from Insead. I am planning on going back to the states and considering investment sales as my next career move. Any advice you can share for someone starting out? Which brokerage house would you recommend? I am considering Eastdil or CBRE. How's the commissions? Thank you in advance.

colinoscapee wrote:

Im happy with my 150% increase in 2-years on our land here in Viet Nam. Try doing that in Thailand.

Take that all day! Ours in Ben Cat is about 80% after 3 years.

Thailand and Vietnam land laws for foreigners are very similar. A big difference is that it will be considered personal property of the Thai spouse with no recourse for the foreigner.   

At least in Vietnam it is common property!

tdang1017 wrote:

Hi Coderx10, I recently received my MBA from Insead. I am planning on going back to the states and considering investment sales as my next career move. Any advice you can share for someone starting out? Which brokerage house would you recommend? I am considering Eastdil or CBRE. How's the commissions? Thank you in advance.

Eastdil Secured is the top shop in town. They solely focus on deals above 50 million USD. They are the only brokerage firm that offers a salary + bonus structure similar to investment banking. They don't hire investment sales associate with no experience, even with an MBA. You should be able to get through the door as an analyst coming from INSEAD. First year analyst pays around 150K+ including bonus. They will promote you to investment sales after 3 years if they determine you have the required skill set. If not, you'll be stuck being an analyst for quite some time. Senior brokers at Eastdil can clear 1 million+ easily by doing 5-7 large deals a year. 

If you want to jump into investment sales right away, then CBRE is a great place to be. They are commission based but with no limit in deal size. You can work on smaller deals as you are starting off but eventually you want to work your way up the 10 – 15 million dollar deals. That's the sweet spot where you'll get paid the most for your effort. It is also where sophisticated buyers and sellers operate, so it makes transacting through deals much easier as you are dealing with professionals. Brokers that are 5 year+ in that are doing average can make anywhere from 200-300K. More talented and senior brokers can clear 750k+.

Regardless where you go, be prepared to work 60 hours for 6 days a week for the first 3 years if you are going to make it in the business. Some people do, and most people fail. If you are going with CBRE, my best advice to you is keep your head down, pound the phone, and be prepared to not have any friends, family, or a social life for that matter for the first 3 years. Oh, it'll also be good to have a saving until your first deal and that can take anywhere from 6 months to 1 year. Hope this helps and good luck!