Setting the course to be Singapore's largest real estate agency, PropNex Realty announced its merger with Dennis Wee Group (DWG), capturing half of the residential market share.
According to the group, the merger will push PropNex's number of salespersons close to 7,000, with 1,071 coming from DWG.
PropNex Realty was founded by Ismail Gafoor, Alan Lim and some partners back in 2000. Being amongst the largest real estate agency, it has been closing 40% of private, resale and public housing and almost 50% of luxury homes in Singapore.
With the merger, PropNex trumps ERA Realty Network as the largest real estate agency. ERA has a network of around 6,243 salespersons.
In 2014, PropNex tapped Jones Lang LaSalle (JLL) as it expanded its international presence and penetrate into the high-end residential segment. Just last year, PropNex widened its reach regionally with the launch of the Indonesia Master Franchise.
Following the merger, Dennis Wee will be continuing to be PropNex Realty's Senior Strategic Partner and Mr Denka Wee as a Strategic Partner to support the process of the newly merged entity. The transition will be expected to be completed by end of next month.
DWG is expected to continue with its global Investment portfolio, sourcing, securing, and investing in key developments in major cities around the world.
According to Wee, DWG will be able to benefit from the strength of PropNex Realty in residential new homes and resale segments.
"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. We are both homegrown brands that have grown to be formidable forces in the real estate industry and 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," he said.
Meanwhile, Gafoor shared his confidence with PropNex Realty's vision of improving its performance with a wider network of salespersons.
"This merger brings together 40 years of combined experience in the real estate industry and is a monumental step towards our commitment to continuously provide excellent and professional services to our consumers in the real estate market," he said.
He furthered, "With a stronger infrastructure support, we are now more than ready for more salespersons to join our family and benefit from our growth, experience and reputable brand name to cultivate their real estate careers to the best levels possible."