SINGAPORE: Property agency PropNex Realty on Monday (Jun 12) announced its merger with Dennis Wee Group (DWG), making it the largest property agency in Singapore.
DWG's 1,071 agents will be transferred to PropNex, which currently has 5,855 agents - giving the entity a combined 6,926 agents. The transition is expected to be completed by end-July.
DWG said on Monday it is confident that the majority of its agents will cross over, and it is currently in the process of signing over agents to PropNex. Its chairman Dennis Wee will also become a senior strategic partner at PropNex.
Despite the merger of its realty business, DWG will remain a separate entity with its own valuation arm as well as its investment and development arm. It is also working with overseas partners to market properties in places like Japan and Bangkok, it said.
Last year, PropNex closed around 40 per cent of all private, resale and public housing deals in Singapore, and almost half of all luxury homes transactions.
After the merger between PropNex and DWG is completed, ERA Realty will be the second-largest real estate agency in Singapore with 6,243 agents, followed by Huttons Asia with 3,107 agents.
According to the Council for Estate Agencies, the number of licensed property agencies stood at 1,286 as at Jan 1, with the number of registered agents at 28,397 after the latest licence renewal exercise.