More property agencies at Singapore are consolidating to deal assets and influence on
each other’s network, as the residential market persists to shrink.
Recently, Jones Long LaSalle (JLL) Singapore declared that it has earned a 20 % interest on PropNex International, the project marketing arm of PropNex is the move that will give JLL best access to the mass market home segment as exclusive condominium segment it has been selling in continues to decrease.
Through this, JLL’s latest 170 sales associates have been encourage to go over to unite with 5,600 PropNex sales agents. Christopher Fossick, the JLL’s managing director for Singapore as well as South-east Asia, said that JLL company has been noted that developer of newly projects progressively looking for large salesforces, which show bigger buyer reach out, to support their sales.
Beyond Singapore Property, there is also teamwork to be made between JLL’s large number of commercial projects and PropNex’s connection to retail investors that include International property. It is a new segment rising in popularity.
It was announced a month after 4 mid-sized real estate agencies such as SLP International, HSR International, Dennis Wee Realty and OrangeTee, organized an association to compete the two largest competitor in the market, the ERA Realty and the PropNex Realty.
Steven Tan, the Managing director of OrangeTee, notice the latest acquisition as a reasonable act and presume additional merged in the market industry moving forward. “In any industry, when the market size shrinks generally, businesses will consolidate to share leverage and resources on each other’s network,” he said.
Since inception of four-agency alliance, Project Alliance Group has sold more units at their present projects and now hardly preparing to market their very first joint projects, shared by OrangeTee’s Mr Tan.
Since then some other small and mid-sized agencies have asked to join the alliance, but it is still conclusive on their entry based on what they can propose in terms of competence, size and network.
Some of the new hot property launches include
