In the latest sign of consolidation in the real estate industry, Singapore’s second largest real estate agency, ERA Realty Network and CBRE Realty Associates announced “a collaboration” between the two entities on Sept 20.
This means that with immediate effect, the agents focused on residential transactions from CBRE Realty Associates, which number about 280 to 290 in total, will move to ERA Realty Network.. Prior to the collaboration, ERA Realty is said to have about 6,100-6,200 agents. Including CBRE’s agents, the total sales force will increase to around 6,500, solidifying its position as Singapore’s second biggest agency.
Chua: We are confident that the CBRE Realty Associates agents will benefit from the residential training and tools provided by ERA Realty Network (Credit: Albert Chua/EdgeProp Singapore)
“We are confident that the CBRE Realty Associates agents will benefit from the residential training and tools provided by ERA Realty Network,” says Jack Chua, CEO of Singapore-listed APAC Realty, which operates the ERA Realty brokerage business.
The agents from CBRE Realty will move to ERA Realty’s office at Mountbatten Square. “However, CBRE will retain a core residential team to attend to the needs of existing corporate clients,” according to a CBRE spokesperson.
In June last year, PropNex and DWG merged to become the largest property agency in Singapore. PropNex's sales force has ballooned from 6,684 since the start of the year to 7,532, as of Sept 18.
OrangeTee and Edmund Tie merged their agency business in August last year. The merged entity called OrangeTee & Tie have a sales force of close to 4,000 agents, and is the third biggest agency in Singapore today.