Straits Times: Fri, Jul 27
LOCAL property consultancy Credo Real Estate - known for its strength in the collective sale market - has been acquired by global giant Jones Lang LaSalle (JLL).
Both firms, however, declined to disclose the value of the deal which was inked on Wednesday night. Talks on the deal started in February this year.
The local firm was established in 2002 and has 50 employees specialising in collective and residential sales, valuations, auctions and research and consultancy. It is best known for closing the largest collective sale deal here - the record $1.34 billion Farrer Court deal in 2007, which has since cemented its reputation as a market leader.
Credo held its top spot last year, transacting close to $930 million worth of deals. Together with JLL's $200 million of collective sales in the same period, this gives both firms a combined market share of 35 per cent.
Mr Karamjit Singh, Credo's managing director, will take on the role of head of the combined Singapore capital markets and collective sales teams. He said that the acquisition brought about a mixed bag of emotions. 'There are some sentiments attached to overseeing Credo and seeing the name fade away in time to come. But we're doing the right thing and moving the business forward to a higher plane,' he said.
The acquisition will also double the size of JLL's residential project sales team here to about 300 agents and add a new specialist service, mortgage valuations. Already, Mr Singh has plans to secure more developer clients. This will allow its agents to capitalise on the bumper supply of new launches in the pipeline.
He also plans to develop a stronger presence in niche spaces such as good class bungalows, strata offices and shophouses.
It is expected that the integration of the business lines and teams, and the full rebranding of all business activities, will start from Sept 1.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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