12 Jun '17, 6am

PropNex merges with DWG to form largest local property agency

The merger will see PropNex having close to 7,000 salespersons. (Photo: Jianwei Huang) UPDATED: Homegrown real estate agency PropNex Realty announced this morning (12 June) a merger with Dennis Wee Group (DWG), following an MOU signing over the weekend. The addition of DWG’s 1,071 property agents in a bulk transfer will grow PropNex’s team to 6,926 agents from 5,855 previously. The transition is being undertaken with no equity involved, and is expected to be completed by the end of next month. The newly merged company will overtake ERA Realty Network as the largest real estate agency in Singapore. ERA Realty currently represents 6,243 agents. PropNex’s market share in the Singapore residential sector is also expected to grow from around 40 percent to 50 percent. While DWG’s agents are free to apply to another agency, Mohamed Ismail, CEO of PropNex, is confident that 80 to ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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