Property News · June 12, 2017

PropNex merges with DWG to form largest local property agency


 
Homegrown real estate agency PropNex Realty announced this morning (12 June) a merger with Dennis Wee Group (DWG) following an MOU signing over the weekend.
The addition of DWG’s 1,071 property agents in a bulk transfer will grow PropNex’s team to 6,926 agents from 5,855 previously. The transition is being undertaken with no equity involved, and is expected to be completed by the end of next month.
The newly merged company will overtake ERA Realty as the largest real estate agency in Singapore. ERA Realty currently represents 6,243 agents.
While DWG’s agents are free to apply to another agency, Mohamed Ismail, CEO of PropNex, is confident that 80 to 90 percent of them will join the group.  
DWG will remain a division of PropNex focusing on its global investment portfolio, sourcing, securing and investing in key developments overseas.   
Meanwhile, PropNex’s market share in the Singapore residential sector is expected to grow from 40 percent to 50 percent.  
Dr Dennis Wee, Founder and Chairman of DWG, will work as PropNex’s Senior Strategic Partner. His son Denka Wee will become Strategic Partner to support the process of the new entity.
Commenting on the decision to merge with PropNex, Dr Wee said: “PropNex Realty and DWG share a culture that is aligned, embracing core values that are focused on the highest professional standards, consumer-centric service, innovation and transparency.
“I believe PropNex Realty will provide greater opportunities and long-term growth for our salespersons with its proven track record in the past 17 years.”
 
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Source : proppertyguru.com.sg/Property Market
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