Over 100 Agents Knight Franks Kf Property Network Make Leap Sri
SRI, a prominent real estate agency, recently announced that it has acquired 111 agents from Knight Frank Singapore’s KF Property Network (KFPN) including its head, Evan Chung. This acquisition marked a significant milestone for SRI as the 111 agents accounted for 40.5% of KFPN’s 274 sales force at the start of 2024, ranking it the sixth-largest property agency by the Council for Estate Agencies (CEA). With the addition of these agents, SRI’s agency sales force has grown to 1,501 and is now the fifth-largest property agency.
The co-founders of SRI, Bruce Lye and Benson Koh, started the agency in 2016 as a spin-off from SRI5000, which was established as a division of SLP Realty six years earlier. They began with 120 real estate agents operating out of a 2,000 sq ft shop unit in Tiong Bahru. As their sales force expanded, they relocated to a 4,200 sq ft office space at Great World in 2021. Today, the firm has achieved another significant milestone by reaching nearly 1,500 real estate agents and aims to expand its team to 2,000 by the end of 2025, according its CEO, Thomas Tan.
The enlarged sales force will enhance SRI’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. Tan also believes that the new agents from KFPN will bring valuable experience in big-ticket deals, which will complement SRI’s expertise in the Good Class Bungalow (GCB) and luxury property segments.
Despite its growth, SRI maintains its position as a boutique agency with a focus on the luxury residential market. Tan aims to elevate SRI’s reputation as a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach”. Evan Chung, the former head of KFPN who is now joining SRI as a leader, states that his decision to move was based on SRI’s commitment to providing its agents with effective tools, comprehensive support, and expert coaching. He adds, “The open and collaborative culture here makes us feel supported as professionals and as a team striving for excellence together. Hence, we believe this will be a great platform to grow our business and serve our valued clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.”
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Following the departure of Chung and other real estate agents, KFPN’s sales force has decreased to 145 agents, and its ranking has dropped from sixth to eighth largest agency, according to CEA’s public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it is business as usual at KFPN and they are in the process of appointing a new head to lead the agency. He also states that they will strategically position KFPN for future opportunities by evaluating the team’s strengths and expertise.