The Singapore arm of JLL has announced it has acquired a 20 percent stake in PropNex International, the project marketing arm of PropNex.
Since 2007, JLL has been steadily growing and successfully investing in the different aspects of the firm’s residential property business in Singapore, as part of its long-term strategy to strengthen its offering to clients. This has included the acquisition of Property Edge (agency/high-end project sales), DST International (international project sales), Credo Real Estate (en bloc and residential land sales, valuation) and Halcyon Real Estate (residential leasing).
Chris Fossick, Head of Singapore and South East Asia at JLL said: “This move addresses the missing link in JLL’s residential business – sales of new mass market homes – and is a considered and strategic response to Singapore’s evolving residential and commercial markets.”
Founded in the year 2000 and led by Mohamed Ismail, Alan Lim and Lim Yong Hock, PropNex is one of the largest local real estate agencies in Singapore with a network of more than 5,600 salespeople.
PropNex International, the project marketing arm of PropNex, was founded in 2007 and is led by its Managing Director and co-founder Ivan Hoh.
Fossick added: “This partnership with PropNex brings together JLL’s global platform and clientele with PropNex’s unrivalled local sales network and Singapore project marketing expertise.”
Mohamed Ismail, Chief Executive Officer of PropNex said: “This strategic alliance is the result of careful selectionof the right partner who shares similar core values and a common goal to achieve the highest standards of client service. We are confident that our clients, investors, developers and own sales force will benefit from the opportunities of wider global outreach with JLL’s global network and sophisticated consultancy services. We look forward to embarking on this great journey together.”
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email: andrew@propertyguru.com.sg
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