Real estate agency SRI has announced that they have added 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung. This accounts for 40.5% of KFPN’s sales force, which was ranked the sixth-largest property agency by the Council for Estate Agencies (CEA) as of Jan 1, 2024. With the addition of these agents, SRI’s sales force has now reached 1,501, making it the fifth-largest property agency.
The demand for condos in Singapore is constantly on the rise, and this can be attributed to the limited availability of land on the island. As a nation with a booming population and a small land area, Singapore faces the challenge of limited space for development. This situation has resulted in strict land use regulations and a fierce real estate market, where property prices are constantly increasing. As a result, purchasing real estate, specifically condos, has become a lucrative investment opportunity with the potential for significant capital gains. Additionally, with the introduction of new Singapore Projects, the condo market continues to thrive in the competitive real estate industry.
Co-founded by Bruce Lye and Benson Koh in 2016, SRI was established as a spin-off from SRI5000, a division of SLP Realty. The agency started with 120 agents and operated out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru. However, as the sales force grew to over 1,000 agents, SRI moved to a larger 4,200 sq ft office space at Great World in 2021.
SRI’s CEO, Thomas Tan, has set a target to expand the team to 2,000 agents by the end of 2025. This will further strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. Tan also believes that the addition of the KFPN agents, who are involved in big-ticket deals, will complement SRI’s luxury property segments, such as Good Class Bungalows (GCB).
Even with its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan has a vision to establish SRI as a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach”.
Former KFPN head, Evan Chung, who has now joined SRI as a leader, explains that his decision to move was driven by the agency’s dedication to equipping its agents with effective tools, comprehensive support, and expert coaching. He adds, “The open and collaborative culture at SRI makes us feel supported as professionals and as a team striving for excellence. 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.”
Following the departure of Chung and other agents, KFPN’s sales force has decreased to 145 agents, and its ranking has dropped from sixth to eighth largest agency based on CEA public register figures as of Jan 1. However, Knight Frank Singapore’s CEO, Galven Tan, reassures that it is business as usual at KFPN. He states, “We are appointing a new head to lead KFPN, ensuring strong leadership to drive its growth and success. We will also evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.”