On January 1, real estate agency SRI announced that 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), had joined the firm. These agents, including KFPN’s head Evan Chung, accounted for 40.5% of KFPN’s sales force of 274, making SRI the fifth-largest property agency with 1,286 agents. The addition of 111 agents from KFPN, along with recruits from the four largest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT) – has increased SRI’s agency sales force 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 SLP Realty’s SRI5000 division. It began with 120 agents working out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru. As the sales force grew to over 1,000, SRI moved to a 4,200 sq ft office space at Great World in 2021. Today, with nearly 1,500 agents, SRI aims to expand its team to 2,000 by the end of 2025, according to CEO Thomas Tan.
The larger sales force is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions and international projects. Tan says that many of the new agents from KFPN are involved in big-ticket deals, which complement SRI’s focus on the luxury market, including Good Class Bungalows (GCB) and other luxury properties.
Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan’s goal is to make SRI a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.” Former KFPN head Chung, now joining SRI as a leader, cites the agency’s dedication to equipping its agents with effective tools, comprehensive support, and expert coaching as his reason for moving. He also highlights the open and collaborative culture at SRI, which makes them feel supported as professionals and as a team striving for excellence.
Following the departure of Chung and other agents, KFPN’s sales force decreased to 145 agents, and its ranking dropped from sixth to eighth-largest agency based on CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO Galven Tan maintains that it is business as usual at KFPN. He states, “We are appointing a new head to lead KFPN, ensuring strong leadership to drive its growth and success. We will evaluate the team’s strengths and expertise to position KFPN strategically for future opportunities.”