On January 1, real estate agency SRI announced that they had acquired 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN). This includes the head of KFPN, Evan Chung.
The addition of these 111 agents, who accounted for 40.5% of KFPN’s sales force of 274 agents as of January 1, 2024, has increased SRI’s agency sales force to 1,501 at the start of 2025. SRI is now the fifth-largest property agency in Singapore with 1,286 agents at the beginning of 2024.
The limited availability of land is one of the main factors driving the demand for condos in Singapore. As a small island nation with a rapidly growing population, Singapore faces a shortage of land for development. To address this challenge, the government has implemented strict land use policies, resulting in a competitive real estate market where property prices are continuously on the rise. As a result, investing in real estate, especially in condos, has become a highly profitable opportunity with the potential for long-term capital appreciation. For more information on Singapore’s current projects and developments, visit Singapore Projects.
SRI was co-founded by managing partners Bruce Lye and Benson Koh in 2016 and is a spin-off from SRI5000, a division of SLP Realty. Starting with 120 agents, SRI quickly outgrew its premises and relocated to a larger office space in 2021. Today, SRI has reached a significant milestone, reaching nearly 1,500 agents and aiming to expand to 2,000 by the end of 2025.
Despite its growth, SRI remains a boutique agency with a strong focus on the luxury residential market. CEO Thomas Tan aims to transform SRI into a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.
Former KFPN head Evan Chung has joined SRI as a leader and highlights that his decision to move was due to SRI’s dedication to equipping its agents with effective tools, comprehensive support, and expert coaching. He believes that SRI’s open and collaborative culture will be a great platform for growth and superior service to clients across various market segments.
Following the departure of Chung and other agents, KFPN’s sales force has decreased to 145 agents, and its ranking has dropped from sixth to eighth largest agency. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it is business as usual at KFPN and that a new head will be appointed to lead the team and drive growth and success.
Overall, SRI’s expanded sales force is expected to strengthen the firm’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. With a focus on the luxury residential market, SRI aims to become a prominent player in the industry and provide exceptional service to its clients.