News: PropNex among top two agencies for new launches

Jun 4, 2019

PropNex is earning market share for new launches, and is currently Singapore’s biggest real estate agency, in terms of the most agents. The real estate firm comprises of brokerage, property management, training and consultancy businesses. 

Although it has not been among the first port-of-calls among property developers for new launches, PropNex is recently gradually earning market share in this particular segment, revealed a Phillip Securities report.

In fact, it has managed to push through to be among the top two agencies with the largest market share of transactions for new launches.

Listed on the Singapore Exchange on 2 July 2018, PropNex is a real estate services firm, comprising the brokerage (PropNex Realty Pte Ltd), property management, training and consultancy businesses.

It is currently Singapore’s biggest real estate agency, in terms of the number of agents.

“PropNex currently holds the #1 title in terms of the number of real estate agents in Singapore, only recently jumping up from #2 position in 2017, after successfully merging with Dennis Wee Realty in July 2017. This expanded its agent count by 20 percent in 2018,” said the report.

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In February 2019, the company entered in a strategic collaboration with Global Alliance Property, which is operating under the Century 21 franchise, for the transfer of its agents to PropNex.

With this, agent count at PropNex now stands at 7,837, up 17 percent from 2018.

“While agent count does not correlate with market share of transactions, PropNex has managed to push through to be among the top two agencies with the biggest market share of transactions for new launches. Its market share of transactions in the other segments had also increased within the same period,” said Phillip Securities.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru

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Aviana Tam
PROPNEX REALTY PTE LTD
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