PropNex-DWG merger forms Singapore's largest real estate player

Combined network of salespersons reaches nearly 7,000.

PropNex Realty announced its merger with Dennis Wee Group (DWG), making it the largest real estate agency in Singapore with close to 7,000 salespersons.

Trumping ERA Realty Network, PropNex stands to capture half of the residential market share and greater strength in marketing major local and international projects through its wider outreach to consumers.

To recall, PropNex Realty was founded by Ismail Gafoor, Mr Alan Lim, and a few partners in 2000. It has been closing 40% of private, resale and public housing and almost 50% of luxury homes in Singapore.

Following this merger, DWG’s 1,071 salespersons will be transferred to PropNex Realty with Dr Dennis Wee continuing to be PropNex Realty’s senior strategic partner and Mr Denka Wee as a strategic partner to support the process of the newly merged entity.

The transition will be expected to be completed by end of next month. DWG will continue with its global Investment portfolio, sourcing, securing, and investing in key developments in major cities around the world. At the same time, it will be able to benefit from the strength of PropNex Realty in residential new homes and resale segments.

“This merger brings together 40 years of combined experience in the real estate industry and is a monumental step towards our commitment to continuously provide excellent and professional services to our consumers in the real estate market,” Gafoor said.

Meanwhile, Wee said PropNex Realty and DWG share a culture that is aligned, embracing core values that are focused on the highest professional standards, consumer-centric service, innovation and transparency.

"We are both homegrown brands that have grown to be formidable forces in the real estate industry and I believe PropNex Realty will provide greater opportunities and long-term growth for our salespersons with its proven track record in the past 17 years,” he said.

PropNex Realty will also take over DWG’s existing 23,000sq ft office at Toa Payoh as part of the agency’s further expansion to provide ample facilities and support for its salespersons. This means that its 7,000 salespersons would be able to access a larger space for administrative use, backroom support and trainings for their respective teams.