Real estate agency SRI recently made a big announcement on Jan 1, revealing that 111 agents from Knight Frank Singapore’s agency business known as KF Property Network (KFPN) had joined their firm. This included the head of KFPN, Evan Chung.
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The addition of these 111 agents accounted for 40.5% of the 274-sales force at KFPN, which was ranked the sixth-largest property agency by the Council for Estate Agencies (CEA) as of Jan 1, 2024. With SRI already having 1,286 agents at the beginning of 2024, they were the fifth-largest property agency. This increase in sales force to 1,501 agents was also boosted by new recruits from the four largest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT).
SRI was co-founded by managing partners Bruce Lye and Benson Koh in 2016, as a spin-off from SRI5000 which they had established as a division of SLP Realty six years prior. Starting with 120 agents and operating out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru, SRI continued to grow and outgrew their premises. They then moved to a 4,200 sq ft office space at Great World in 2021.
SRI’s CEO, Thomas Tan, shared that the firm achieved a significant milestone by reaching 1,501 agents as of Jan 1, 2025. Their target is to expand the team to 2,000 by the end of 2025. This expansion is expected to strengthen SRI’s business lines in residential, capital markets, industrial, auctions, and international projects. Tan also mentioned that many of the new agents from KFPN are involved in big-ticket deals, which will complement their Good Class Bungalow (GCB) and other luxury property segments.
Despite their growth, SRI remains focused on the luxury residential market and aims to position itself as a boutique agency. Tan has plans 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, who is now joining SRI as a leader, shared that his decision to move was due to the agency’s commitment to equipping their agents with effective tools, comprehensive support, and expert coaching. He also mentioned the open and collaborative culture at SRI, which makes them feel supported as professionals and as a team striving for excellence together. Chung believes that this will be a great platform to grow their business and serve their valued clients through the offerings across residential, commercial, and industrial market segments, auctions, and international properties.
Following the departure of Chung and other agents, KFPN’s sales force decreased to 145 agents, and their ranking dropped from sixth to eighth largest agency, according to CEA public register figures as of Jan 1. However, Knight Frank Singapore’s CEO, Galven Tan, assured that it’s business as usual at KFPN. They are in the process of appointing a new head to lead KFPN and will strategically position the team for future opportunities based on their strengths and expertise.