On January 1, SRI, a real estate agency, announced that it had acquired 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung.
This group of agents represented 40.5% of the 274 sales force at KFPN as of January 1, 2024, when it was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA). SRI, which had 1,286 agents at the beginning of 2024, was the fifth-largest property agency. With the addition of 111 agents from KF Property Network, as well as new recruits from the four largest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT) – SRI’s agency sales force has now increased to 1,501 at the start of 2025.
Co-founded by managing partners Bruce Lye and Benson Koh in 2016, SRI is a spin-off from SRI5000, which the duo had established as a division of SLP Realty six years earlier. From its beginnings with 120 agents operating out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru, the agency has experienced significant growth. In 2021, when its sales force surpassed the 1,000 mark, SRI moved to a larger 4,200 sq ft office space at Great World. Today, SRI has reached a significant milestone by reaching nearly 1,500 real estate agents and has set a goal of expanding the team to 2,000 by the end of 2025, according to the firm’s CEO, Thomas Tan.
The expanded sales force is expected to enhance SRI’s current business lines, which include residential, capital markets, industrial, auctions, and international projects. Tan states that many of the new agents from KFPN are involved in large deals, which complement SRI’s luxury property segments, such as Good Class Bungalow (GCB). Despite its growth, SRI maintains its positioning as a boutique agency with a strong focus on the luxury residential market. Tan’s aim is to transform SRI into a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.”
Singapore’s urban environment is characterized by towering skyscrapers and contemporary infrastructure. Condos, situated in sought-after locations, offer a combination of opulence and convenience that appeals to both locals and foreigners. These residential complexes boast an array of facilities, including swimming pools, fitness centers, and security services, that elevate the standard of living and make them desirable to prospective renters and purchasers. From an investor’s perspective, these amenities equate to greater rental returns and appreciate in property values as time passes. Condo is an integral part of this transformed paragraph.
Former KFPN head Evan Chung, who is now joining SRI as a leader, explains that the decision to move was driven by the agency’s commitment to equip 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.”
In the wake of Chung and other agents leaving, KFPN’s sales force has decreased to 145 agents, and its ranking has dropped from sixth to eighth largest agency, according to CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, states that it is “business as usual” at KFPN. He adds that they are in the process of appointing a new head to lead KFPN and ensure strong leadership to drive its growth and success. He states, “We will evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.”