{"id":57608,"date":"2017-06-12T12:56:00","date_gmt":"2017-06-12T05:56:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-merges-with-dwg-to-form-largest-local-property-agency\/"},"modified":"2017-06-12T13:00:32","modified_gmt":"2017-06-12T06:00:32","slug":"propnex-merges-with-dwg-to-form-largest-local-property-agency","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-merges-with-dwg-to-form-largest-local-property-agency\/","title":{"rendered":"PropNex merges with DWG to form largest local property agency"},"content":{"rendered":"


\n\u00a0
\nHomegrown real estate agency PropNex Realty announced this morning (12 June) a merger with Dennis Wee Group (DWG) following an MOU signing over the weekend.
\nThe addition of DWG\u2019s 1,071 property agents in a bulk transfer will grow PropNex\u2019s 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.
\nThe newly merged company will overtake ERA Realty as the largest real estate agency in Singapore. ERA Realty currently represents 6,243 agents.
\nWhile DWG\u2019s 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. \u00a0
\nDWG will remain a division of PropNex focusing on its global investment portfolio, sourcing, securing and investing in key developments overseas.\u00a0 \u00a0
\nMeanwhile, PropNex\u2019s market share in the Singapore residential sector is expected to grow from 40 percent to 50 percent. \u00a0
\nDr Dennis Wee, Founder and Chairman of DWG, will work as PropNex\u2019s Senior Strategic Partner. His son Denka Wee will become Strategic Partner to support the process of the new entity.
\nCommenting on the decision to merge with PropNex, Dr Wee said: \u201cPropNex 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.
\n\u201cI believe PropNex Realty will provide greater opportunities and long-term growth for our salespersons with its proven track record in the past 17 years.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…PropNex merges with DWG to form largest local property agency<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Homegrown real estate agency PropNex Realty announced this morning (12 June) a merger with...<\/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-57608","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-eZa","jetpack-related-posts":[{"id":60360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/80-of-dwg-agents-crossed-over-to-propnex\/","url_meta":{"origin":57608,"position":0},"title":"80% of DWG agents crossed over to PropNex","date":"July 11, 2017","format":false,"excerpt":"\r PropNex Realty is officially the largest real estate agency with 6,688 salespersons. (Photo: Jianwei Huang) Some 845 out of the 1,063 property agents (80 percent) from Dennis Wee Group (DWG) have signed an agreement to cross over to PropNex Realty following a merger announcement in June. This means that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58752,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-june-2017\/","url_meta":{"origin":57608,"position":1},"title":"News Roundup (June 2017)","date":"June 23, 2017","format":false,"excerpt":"\r Our top Singapore property stories. PropNex and DWG merge to form largest property agency Homegrown real estate agency PropNex Realty recently announced its merger with Dennis Wee Group (DWG), following the signing of a memorandum of understanding (MOU) between the two companies in June. The addition of DWG\u2019s 1,071\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/06\/Marina-Bay-site_cropped.jpg?fit=611%2C378&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":75763,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/slight-rise-in-number-of-property-agents-this-year\/","url_meta":{"origin":57608,"position":2},"title":"Slight rise in number of property agents this year","date":"January 4, 2018","format":false,"excerpt":"\r There are now 28,571 registered property agents in Singapore. 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It started in June when PropNex Realty announced a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104229,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gap-to-transfer-its-property-agents-to-propnex-realty\/","url_meta":{"origin":57608,"position":5},"title":"GAP to transfer its property agents to PropNex Realty","date":"February 21, 2019","format":false,"excerpt":"\r PropNex further strengthens its position as Singapore\u2019s largest listed real estate agency with over 7,500 salespersons. Global Alliance Property (GAP), which operates under the Century 21 franchise, has signed a strategic collaboration with PropNex Realty, whereby GAP\u2019s property agents will be transferred to the latter. 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