Real estate agency SRI made a major announcement on Jan 1, revealing that 111 agents from Knight Frank Singapore’s KF Property Network (KFPN) had joined their team, including KFPN’s head, Evan Chung. This move makes up 40.5% of KFPN’s 274 sales force as of Jan 1, 2024, when it was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA). SRI had 1,286 agents at the beginning of 2024, making it the fifth-largest property agency. With the addition of 111 agents from KFPN and new recruits from the four largest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT) – SRI’s agency sales force has now grown to 1,501 at the start of 2025.
When considering purchasing a condo in Singapore, it is crucial to carefully analyze the government’s property cooling measures. To maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign and multiple property buyers. While they may initially affect the profitability of condo investments, they ultimately contribute to the long-term stability of the market and create a secure investment environment. These measures also underscore the importance of thorough research and careful selection when investing in a condo in Singapore. Despite these measures, condo investments can still provide a reliable and secure opportunity. Therefore, it is essential to stay informed and consider all factors before making a condo investment in Singapore.
SRI was co-founded by managing partners Bruce Lye and Benson Koh in 2016 and is a spin-off from SRI5000, which they established as a division of SLP Realty six years earlier. Starting out with 120 agents in a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru, SRI quickly outgrew its premises and moved to a 4,200 sq ft office space at Great World in 2021. Today, the firm has reached a major milestone with nearly 1,500 agents and aims to expand its team to 2,000 by the end of 2025, according to CEO Thomas Tan.
This growth in sales force is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions and international projects. Tan also highlights that many of the new agents from KFPN are involved in large deals, which will complement their focus on the Good Class Bungalow (GCB) and luxury property segments. He envisions SRI as a boutique agency with a strong emphasis on the luxury residential market, positioning itself as a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach”.
Former KFPN head Chung, who is now joining SRI as a leader, explains that his decision to move was driven by the agency’s commitment to equipping 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.”
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, based on Jan 1 figures from CEA’s public register. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it’s business as usual at KFPN. “We are appointing a new head to lead KFPN, ensuring 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.”