PropNex merges with Dennis Wee Group to form Singapore’s largest property agency

SINGAPORE (June 13): PropNex Realty is merging with Dennis Wee Group (DWG) to form what will be Singapore’s largest property agency with close to 7,000 salespersons.

Following the merger, DWG’s 1,071 salespersons will be transferred to the newly merged entity as a DWG grouping.

Dennis Wee and son Denka Wee will continue as PropNex’s senior strategic partner and strategic partner respecttively to support the process of the newly-merged entity.

The transition is expected to be completed by end of next month.

Ismail Gafoor, chief executive officer of PropNex Realty, says: “This merger brings together 40 years of combined experience in the real estate industry and is a monumental step towards our commitment to continuously provide excellent and professional services to our consumers in the real estate market.”

Ismail also believes that with llimited resources, the relatively fragmented real estate market in Singapore is currently undergoing a period of consolidation.

"I believe that there is only space for two or three big real estate agencies in the country. Ultimately, we can expect more numbers of small and mid-sized agencies to unite with the bigger players in the upcoming years," he adds.

The merger with PropNex will grant DWG agents immediate access to some 50 projects that PropNex is currently marketing for developers.

At the same time, DWG will continue with its global Investment portfolio, sourcing, securing, and investing in key developments in major cities around the world.

PropNex was founded by Ismail Gafoor, Alan Lim and a few other partners in 2000.

In 2014, PropNex partnered with Jones Lang LaSalle (JLL) which has a global network in 80 countries, to expand its international presence and penetrate into the high end residential segment. Two years later, PropNex expanded its reach regionally with the launch of the Indonesia master franchise. — theedgemarkets.com

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