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China Real Estate Grp unit to transfer real estate salespersons to PropNex Realty

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This cements PropNex's position as Singapore's biggest listed real estate agency.

PROPNEX Realty has entered into a strategic collaboration with Global Alliance Property (GAP), which is a wholly-owned indirect subsidiary of China Real Estate Grp (CREG).

Under the collaboration, salespersons from GAP will be transferred to PropNex. Meanwhile, GAP - which operates under the Century 21 franchise - will discontinue its real estate agency business, while Catalist-listed CREG will continue to forge ahead with real estate development in China.

The agency "stands to capture close to half of the residential market share and provides greater strength in marketing major projects through its wider outreach to consumers", PropNex said in a press release. PropNex, which is Singapore's biggest listed real estate agency, has over 7,500 salespersons currently. Ismail Gafoor, chief executive officer of PropNex, told The Business Times that the real estate agency will start to engage salespersons from GAP from Thursday.

Dato Dr Choo Yeow Ming, chairman and chief executive officer of CREG, said: "PropNex Realty and GAP share a culture that is aligned, embracing core values that are focused on the highest professional standards, consumer-centric service, innovation and transparency. I believe PropNex Realty will provide greater opportunities and long-term growth for our salespersons with its proven track record in the past 19 years."

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Mr Ismail added: "With a wider network of salespersons, we are ready to add greater value to property developers in their outreach to consumers, be it in the luxury segments, mid-tier and executive condominiums."

The newly transferred salespersons in PropNex Realty will be able to leverage training programmes, signature bootcamps, information technology and backroom support as well as the PropNex Realty branding, PropNex highlighted.