REAL estate consultancy ETC and property agency OrangeTee Group will merge to form a new entity, the two home-grown companies announced on Monday (Feb 24).
The group aims to be the region’s “most comprehensive real estate company”, offering end-to-end real estate brokerage and consultancy services, it said. Its target client group will include individual buyers, high-net-worth investors, developers and corporations.
The group said: “The merger signifies a long-term commitment to enhancing service offerings and driving sustainable growth, leveraging ETC’s expertise in corporate advisory and consultancy and OrangeTee’s innovative proptech capabilities and extensive agency network.”
Following the merger, the new entity will comprise more than 520 employees and around 2,800 agents. The incorporation of the new entity is expected to be completed by Mar 31.
Desmond Sim, who is currently chief executive officer of ETC, will be the group CEO. ETC was formerly known as Edmund Tie & Company, before it adopted its current name in January. Justin Quek, OrangeTee & Tie’s CEO, will be the group deputy CEO.
Sim said: “The full merger is a natural progression, reinforcing our enduring partnership with OrangeTee and positioning us even more competitively to navigate evolving market demands while capitalising on the region’s high-growth opportunities.”
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In response to queries from The Business Times, ETC noted that it has a physical presence in Malaysia and Thailand, with strategic partnerships in Australia, China, the Philippines, the United Kingdom and Vietnam.
“Meanwhile, OrangeTee has established strong relationships with reputable international developers in markets such as Australia, Malaysia, the United Kingdom, New Zealand, Dubai, and Japan, where its strategic equity partner Tokyu Livable is located.”
In 2017, ETC merged its agency business with OrangeTee to form OrangeTee & Tie.
Based on Accounting and Corporate Regulatory Authority records, as at February, ETC owned a 20 per cent stake in the OrangeTee & Tie joint venture entity, with OrangeTee Group owning the remaining 80 per cent.
Currently, ETC is owned by entities related to the family of Roland Ng, group chief executive of crane supplier Tat Hong Holdings.
OrangeTee Group was first incorporated as OrangeTee Holdings in 2000. OrangeTee Group comprises OrangeTee Advisory for commercial deals, OrangeTee & Tie for the residential market and OrangeTee International. OrangeTee & Tie is the fourth-largest property agency in Singapore, after Huttons, ERA and PropNex.
OrangeTee’s Quek said: “With a strengthened brokerage and consultancy team supported by advanced proptech, we are set to scale our capabilities to deliver innovative, seamless solutions across all real estate sectors.”
For now, ETC and OrangeTee will continue operating under their current branding.
The last major restructuring exercise in the property agency business was the merger of Savills Singapore’s associates arm – Savills Residential – with Huttons in 2020.
PropNex absorbed Dennis Wee Group in 2017, becoming the largest real estate agency in Singapore.
