Global property firm Savills has acquired a substantial stake in a well-established real estate business in Malaysia.
Currently trading as CBRE, the business will trade under the Savills brand name from March 1.
Owned by three seasoned real estate professionals – Christopher Boyd, Allan Soo and Paul Khong, it has close to 300 staff with offices in Kuala Lumpur, Penang and Johor.
The team provides a range of services to local and international clients, offering expertise in investment and capital markets, corporate real estate, retail consultancy, property and project management in addition to a strong consultancy and valuation business.
Commenting, Chris Marriott, Chief Executive Officer for Savills in South East Asia said: “We are very excited to be forming this new partnership in Malaysia, soon after our expansion into Indonesia, as this extends our already strong offering in the ASEAN region. Chris, Allan and Paul, who share a similar approach and principles to doing business, have built a very strong practice in Malaysia and I am delighted that Savills can now offer our services through their high quality, professional team.”
Marriott added: “With the upcoming establishment of the ASEAN Community (AEC) by 2015, I see cross border trade and investment growing in this region, with Savills being a major player in the continuing growth of the region’s real estate service industry.”
The merger sees the discontinuation of the business’ association with CBRE, although the Malaysia operations will continue to service long-standing joint appointments by agreement.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
