On January 1st, SRI, a real estate agency, made an announcement that 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), had joined their firm. This includes the head of KFPN, Evan Chung. The 111 agents make up 40.5% of KFPN’s sales force, which was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA) in 2024. With the addition of these agents, SRI now has a total of 1,286 agents, making them the fifth-largest property agency in Singapore.
SRI was founded in 2016 by managing partners Bruce Lye and Benson Koh. It was a spin-off from SRI5000, a division of SLP Realty that Lye and Koh had established six years prior. Starting with only 120 agents operating out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru, SRI grew quickly and had to relocate to a 4,200 sq ft office space at Great World in 2021. Today, SRI has achieved a significant milestone by reaching nearly 1,500 agents and has set a target of expanding their team to 2,000 by the end of 2025, as stated by the firm’s CEO, Thomas Tan.
The increase in agents will strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. According to Tan, many of the new agents from KFPN are involved in large deals, which will complement SRI’s luxury property segments, such as Good Class Bungalows (GCBs).
Despite its growth, SRI still positions itself as a boutique agency with a focus on the luxury residential market. Tan aims to transform the company into a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.”
Evan Chung, the former head of KFPN, has also joined SRI as a leader. He explains that he made the decision to move because of SRI’s dedication to equipping their agents with effective tools, comprehensive support, and expert coaching. He also mentions the open and collaborative culture at SRI, which makes them feel supported as professionals and as a team striving for excellence together. Chung believes that SRI will be a great platform to grow their business and serve their clients through offerings across the residential, commercial, and industrial markets, as well as auctions and international properties.
When considering investing in a Singapore Condo, one must carefully assess its potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. The rental yields for condos in Singapore can vary significantly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer more promising rental yields. It is crucial to conduct thorough market research and seek advice from real estate agents to gain valuable insights into the rental potential of a specific Singapore Condo.
With the departure of Chung and other agents, KFPN’s sales force has decreased to 145 agents, and their ranking has dropped from sixth to eighth largest agency, based on CEA public register figures as of January 1st. Despite this, Knight Frank Singapore’s CEO, Galven Tan, assures that it is business as usual at KFPN. They will be appointing a new head to lead the agency and evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.