{"id":118615,"date":"2020-09-15T09:58:12","date_gmt":"2020-09-15T02:58:12","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/savills-residential-to-merge-with-huttons-asia\/"},"modified":"2020-09-15T10:03:50","modified_gmt":"2020-09-15T03:03:50","slug":"savills-residential-to-merge-with-huttons-asia","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/savills-residential-to-merge-with-huttons-asia\/","title":{"rendered":"Savills Residential to merge with Huttons Asia"},"content":{"rendered":"


\nMarcus Loo, CEO of Savills Singapore. Photo: Savills Singapore.
\nSavills Residential, the associate\u2019s arm of Savills Singapore, will merge with Huttons Asia, making it the latest consolidation among property agencies in Singapore, reported The Business Times (BT).
\nWith the merger, Hutton\u2019s current pool of 3,044 brokers will be strengthened by the 582 commission-only residential brokers of Savills being invited to join.
\nThis would enhance the capabilities of Huttons in gaining the trust of developers to market their residential property projects for sale.
\nSavills Residential is wholly owned by Savills Singapore, which in turn is part of the UK-listed firm.
\nSavills South East Asia CEO Chris Marriott revealed that the terms of the merger have already been agreed, saying that the deal is expected to be completed this month. However, he declined to disclose the dollar value of the transaction.
\n\u201cThis integration with Huttons, a dominant local player, presents a fantastic opportunity for Savills\u2019 residential associate brokers to access a larger marketplace, enabling them to participate in the large number of projects that Huttons is currently handling,\u201d said Marcus Loo, Chief Executive Officer of Savills Singapore as quoted by BT.
\nThe post-merger business will be trading as \u201cHuttons \u2013 in association with Savills\u201d. As the biggest shareholder of Huttons, Savills Singapore will be represented on Huttons Asia\u2019s board by Marriott.
\nSavills is not currently represented on Huttons board.
\nA home-grown property agency, Huttons was set up in 2002, with Savills Singapore acquiring a stake within the company in 2005.
\nSuggested read:\u00a07 Mistakes to Avoid When Renting a Home and What You Can Do
\nHuttons Asia\u2019s other shareholders include Peggy Ngiam and Loke Tuck Choy, who are both serving as executive directors. Ngiam also serves as Key Executive Officer, said the BT report.
\nMarriott shared that Savills had a long-standing interest in Huttons, adding that they \u201cwelcome the opportunity to take a more active position on the board and complement Huttons in their future growth in this important market\u201d.
\n\u201cThe merger means that Savills Singapore will focus on its full service real estate business in Singapore, overseen by Marcus Loo,\u201d he added.
\nIn a joint statement, Huttons and Asia noted that the enhanced board will \u201cfocus on strengthening services to their clients\u2026 through a newly expanded agency force and access to international markets, in particular China\u201d.
\n\u201cIn doing so, they will leverage on their PropTech and digital marketing knowledge, thereby broadening the opportunities for their brokers.\u201d
\nNgiam, on the other hand, said the \u201cability to draw on a globally recognised international residential brand will accelerate our growth as a leading agency in Singapore\u201d.
\nAfter the merger, Huttons will continue to be the fourth biggest property agency, in terms of the number of property agents. It will have a total of 3,626 agents assuming all Savills Residential brokers come on board.
\nPropNex holds the top spot with 8,727 agents. ERA Realty Network came in second with 7,321 agents, followed by OrangeTee & Tie with 4,359 agents, said the BT report.
\nSRI is fifth, with 960 agents.
\nMarket observers said the deal is unique since Savills Singapore is already the biggest shareholder of Huttons, added the BT report.
\nHowever, an industry player observed that Savills Residential has lost some agents lately, while Huttons has lost some of its shine over the last four or five years even as it has clinched major appointments.
\n\u201cIn a downturn, we can expect to see the smaller agencies (those with under 300 brokers) latching onto the bigger agencies, which have better resources and more opportunities to clinch residential project marketing appointments,\u201d said SRI Co-founder Bruce Lye as quoted by BT. Lye expects the series of consolidation among property agents to continue.
\nThe wave of consolidation includes the merger of PropNex with Dennis Wee Group in 2017.
\nThat same year also saw OrangeTee\u2019s associate\u2019s arm and Edmund Tie & Company Property Network set up a joint-venture company \u2013 OrangeTee & Tie \u2013 to fend off competition.
\nERA also entered into separate deals with HSR International Realtors and CBRE Realty Associates in 2018, to absorb their agents into ERA since these companies are shutting down.
\nPropNex also took over Global Alliance Property\u2019s agents in 2019.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Savills Residential to merge with Huttons Asia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Marcus Loo, CEO of Savills Singapore. Photo: Savills Singapore. Savills Residential, the associate\u2019s arm of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-118615","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uR9","jetpack-related-posts":[{"id":118689,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/huttons-appoints-mark-yip-as-new-ceo\/","url_meta":{"origin":118615,"position":0},"title":"Huttons appoints Mark Yip as new CEO","date":"September 21, 2020","format":false,"excerpt":"\r Huttons Group CEO Mark Yip. Photo: Huttons Group. 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