ETC and OrangeTee forge strategic merger, uniting to increase market presence

By EdgeProp Singapore

/ EdgeProp Singapore |

February 24, 2025 2:31 PM SGT

Desmond Sim, CEO of ETC (Photo: Samuel Isaac Chua/EdgeProp Singapore)

On Feb 24, ETC (formerly known as Edmund Tie) and OrangeTee Group announced in a joint press release that they would merge to form a new holding company, whose name has yet to be revealed.

"It's not an acquisition but a meeting of minds with the merger," says Desmond Sim, CEO of ETC.

In addition to his role as CEO of ETC, Sim will serve as the group CEO of the merged entity, while Justin Quek, the current CEO of OrangeTee & Tie, will assume the role of deputy group CEO of the new holding company.

Following the merger, ETC will focus primarily on consultancy and advisory services. At the same time, OrangeTee will concentrate on proptech and its real estate agency business, supported by a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of Feb 24.

Justin Quek, CEO of OrangeTee & Tie, will assume the role of deputy group CEO of the new holding company post-merger (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The combined entity will have over 520 staff, in addition to the 2,803 salespersons. "By combining our expertise, resources and networks, we can drive meaningful growth, create value for all stakeholders and achieve the scale needed to thrive in today's dynamic real estate landscape," says Sim.

The latest merger builds on the August 2017 joint venture, when the former Edmund Tie and OrangeTee merged their associates' business under a new entity, OrangeTee & Tie.

The combined entity had a sales force of over 4,000 agents, which propelled OrangeTee & Tie to the third spot among the top three agencies. Following the joint venture, the former Edmund Tie had taken a 20% stake in OrangeTee & Tie.

Ng family’s Triplestar Holdings and TH Investments – major stakeholders

The latest merger between ETC and OrangeTee was facilitated by Triplestar Holdings and TH Investments (both entities related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings), which acquired a stake in ETC following a management buyout of the firm in 2016.

When some of the original shareholders (including Edmund Tie) retired, the company bought back their shares, increasing Triplestar and TH Investments’ stake to about 60%. Today, Triplestar Holdings and TH Investments own 100% stake in ETC.

This year marks a significant milestone for ETC, which is celebrating its 30th anniversary, according to Sim.

Read also: Edmund Tie & Company rebrands as ETC

Stakeholders of OrangeTee Group

OrangeTee Group was incorporated in 2000 and will celebrate its 25th anniversary this year. An investment holding company, led by the board of directors supported by the C-suites comprising Quek, CEO of OrangeTee & Tie; Marcus Oh, managing director of OrangeTee Advisory; Teo Yak Huat, CFO and Christine Sun, chief researcher & strategist.

"With a strengthened brokerage and consultancy team supported by advanced proptech, we are set to scale our capabilities to deliver innovative, seamless solutions across all real estate sectors," says Quek of OrangeTee & Tie.

Stakeholders in OrangeTee Group include Tokyu Livable Inc., which took a 22.5% stake in the firm in 2014. Tokyu Livable is one of Japan's largest real estate agencies, with 198 offices nationwide. Tokyu Livable is a subsidiary of Tokyu Fudosan Holdings, the real estate business of giant conglomerate Tokyu Group.

Private property fund Vogue Capital Group is also a shareholder of OrangeTee Group.

Vogue Capital and Tokyu Livable will also have a stake in the new holding company post-merger with Ng's Triplestar Holdings and TH Investments.

Last year, ETC opened an office in Johor Bahru through its joint venture company in Malaysia, Nawawi Tie. The firm already has a presence in Penang and Malaysia. ETC also has an associate in Thailand, Edmund Tie & Co (Thailand).

“We believe this merger will present more opportunities for us in the ASEAN region and Japan, especially through our relationship with Tokyu Livable,” adds Sim.