Former head of KF Property Network Evan Chung, now one of the new leaders at SRI (left) and CEO Thomas Tan (Photo: SRI)
On Jan 1, real estate agency SRI announced that 111 agents from Knight Frank Singapore's agency business, KF Property Network (KFPN), including its head, Evan Chung, had joined the firm.
The 111 agents accounted for 40.5% of the 274 sales force at KFPN as of Jan 1, 2024, when it was ranked the sixth-largest property agency by the Council for Estate Agencies (CEA).
With 1,286 agents at the beginning of 2024, SRI was the fifth-largest property agency. The addition of 111 agents from KF Property Network, along with recruits from the four largest agencies—PropNex, ERA, Huttons, and OrangeTee & Tie (OTT)—has increased SRI's agency sales force to 1,501 at the start of 2025.
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Co-founded by managing partners Bruce Lye and Benson Koh in 2016, SRI is a spin-off from SRI5000, which the duo had established as a division of SLP Realty six years earlier. SRI, an acronym for Singapore Realtors Inc., started with 120 real estate agents operating out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru.
When its sales force surpassed the 1,000 mark, SRI outgrew its Tiong Bahru premises and relocated to a 4,200 sq ft office space at Great World in 2021.
Today, SRI achieved a significant milestone by reaching nearly 1,500 real estate agents, and targets to expand the team to 2,000 by the end of 2025, according to the firm's CEO, Thomas Tan.
The expanded sales force is expected to strengthen SRI's existing business lines, which include residential, capital markets, industrial, auctions and international projects. “Many of our new teammates from KFPN are involved in big-ticket deals, which complement our Good Class Bungalow (GCB) and other luxury property segments,” says Tan.
SRI achieved a significant milestone by reaching 1,501 real estate agents as at Jan 1, 2025. The firm targets to expand the team to 2,000 by the end of the year (Photo: SRI)
Despite its growth, SRI continues positioning itself as a boutique agency with a strong focus on the luxury residential market. Tan aims to transform SRI into a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach”, he adds.
Former KFPN head Chung, now joining SRI as a leader, highlights that his decision to move stemmed from the agency's dedication to equipping its agents with effective tools, comprehensive support, and expert coaching. He continues, “The open and collaborative culture here makes us feel supported as professionals and as a team striving for excellence together. Hence, we believe this will be a great platform to grow our business and serve our valued clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.”
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Following the departure of Chung and other real estate agents, KFPN's sales force decreased to 145 agents, and its ranking has dropped from sixth to eighth largest agency, based on CEA public register figures as at Jan 1.
Nevertheless, Knight Frank Singapore's CEO, Galven Tan, maintains that it's business as usual at KFPN. “We are appointing a new head to lead KFPN, ensuring strong leadership to drive its growth and success,” he states. “We will evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.”