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PROPNEX Realty is merging with Dennis Wee Group in a significant move that will turn the combined entity into Singapore's largest property agency with close to 7,000 salespersons.
This is set to nudge ERA Realty Network, now the largest agency here with 6,243 agents, to second place.
Following the merger, DWG's 1,071 salespersons will be transferred to PropNex Realty as a DWG grouping. PropNex has been a long-time second-largest agency here, with 5,855 agents prior to the merger, while DWG was previously No.6 in agent strength.
DWG founder Dennis Wee will continue as PropNex Realty's senior strategic partner and his son Denka Wee as strategic partner at PropNex to support transition process. The merger is expected to be completed by the end of next month.
PropNex CEO Ismail Gafoor told reporters on Monday that a memorandum of understanding was inked on Saturday. There is no dollar value pegged to the strategic partnership as agents are full-commissioned associates who are free to decide whether to join PropNex or another agency.
But Mr Gafoor expects at least 80 per cent of DWG agents to move over to PropNex.
"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," he added.
Mr Dennis Wee said that he had been approached by several agencies to buy over his company from time to time but he was not looking to sell. Still, he was looking for an agency to house his agents as his company is streamlining its focus in property development, investment and valuation businesses.
The merger with PropNex will grant DWG agents immediate access to some 50 projects that PropNex is currently marketing for developers.