Global Alliance Property Pte. Ltd. (GA Property), a new real estate agency formed from the merger of Global Property Strategic Alliance Pte. Ltd. and MORE Property Pte. Ltd., will be giving out shares of the company to its salespersons, currently numbering about 800.

“This is something that has never been done before in the local real estate industry,” said GA Property CEO and key executive officer Shawn Tan. At the company’s brand launch event on Monday, Tan elaborated that the share allotment is part of GA Property’s efforts in retention and recruitment, which are its immediate focus in the coming 12 months.

While the details, such as the allotment per agent and value of each share are still being ironed out, deputy director of agency Geoffrey Tan revealed that both existing agents and new recruits will receive shares, with those who have been in service longer receiving more. Deputy director of admin and operations Pauline Hoo added that agents who successfully recruit new agents and hit sales targets will be rewarded with additional shares.

The shares will have to be held until 2017, when the company hopes to be listed.

Other initiatives showcased at the launch event included the 4-Days-Pay scheme, under which the agents will receive their commissions on the fourth working day after submission, revamped online platforms and smart phone app GAPro, and social media platforms.