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PropNex and DWG merge to form largest property agency
Homegrown real estate agency PropNex Realty recently announced its merger with Dennis Wee Group (DWG), following the signing of a memorandum of understanding (MOU) between the two companies in June.
The addition of DWG’s 1,071 property agents in a bulk transfer will grow PropNex’s team to 6,926 agents from 5,855 previously. The transition is being undertaken with no money involved, and is expected to be completed by the end of July.
The newly merged company will overtake ERA Realty Network as the largest real estate agency in Singapore. ERA Realty currently represents 6,243 agents.
DWG will remain a division of PropNex focusing on its global investment portfolio, sourcing, securing and investing in key developments overseas.
Dr Dennis Wee, Founder and Chairman of DWG, will work as PropNex’s Senior Strategic Partner. His son Denka Wee will become Strategic Partner to support the process of the new entity.
IOI Properties and Hongkong Land to jointly develop Marina Bay site
In June, Malaysian developer IOI Properties Group and Hong Kong-based Hongkong Land signed an agreement to jointly develop and manage a prime 99-year leasehold “white” site in Marina Bay.
The deal, which is subject to certain regulatory approvals, will see IOI Properties holding 67 percent of the joint-venture company and Hongkong Land the remaining 33 percent.
The 118,400 sq ft plot at Central Boulevard was awarded to IOI Properties after the firm submitted the top bid of $2.6 billion ($1,689 psf per plot ratio) in a Government Land Sales tender last November.
The site is adjacent to One Raffles Quay and close to Marina Bay Financial Centre. A new mixed-use development is expected to be built comprising two office towers of approximately 1.26 million sq ft of leasable space and a small retail podium of about 30,000 sq ft.
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