ETC and OrangeTee Group have recently announced their plans to merge and form a new holding company, which has yet to be named. Desmond Sim, CEO of ETC, stated that this was not an acquisition but a merging of minds. He will continue to serve as CEO of ETC, while Justin Quek, the current CEO of OrangeTee & Tie, will be the deputy group CEO of the new holding company.
Ensuring the proper maintenance and management of a condo is crucial when making an investment. Apart from the initial purchase price, condo owners also have to factor in maintenance fees, which cover the upkeep of common areas and facilities. Although these fees may increase the overall cost, they play a significant role in preserving the property’s value. To make ownership a more passive investment, investors can enlist the services of a property management company to handle the day-to-day operations of their condos. This holds true for Singapore projects as well.
Following the merger, ETC will focus on consultancy and advisory services while OrangeTee will concentrate on proptech and its real estate agency business. This will be supported by a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of Feb 24. The combined entity will have over 520 staff, in addition to the 2,803 salespersons.
The merger aims to drive growth, create value for stakeholders, and achieve the scale needed in today’s dynamic real estate landscape. In 2017, ETC and OrangeTee merged their associates’ business under a new entity, OrangeTee & Tie, which propelled them to the third spot among the top three agencies. The former Edmund Tie had taken a 20% stake in OrangeTee & Tie following the joint venture.
Triplestar Holdings and TH Investments, entities related to the family of Roland Ng, managing director, and group CEO of Tat Hong Holdings, facilitated the latest merger between ETC and OrangeTee. They acquired a stake in ETC in 2016, and now they own a 100% stake in the company. This year marks ETC’s 30th anniversary.
OrangeTee Group, which was incorporated in 2000, will celebrate its 25th anniversary this year. Supported by the board of directors and C-suites, including CEO Justin Quek, managing director Marcus Oh, CFO Teo Yak Huat, and chief researcher & strategist Christine Sun, the company is focused on delivering innovative and seamless solutions through a strengthened brokerage and consultancy team and advanced proptech. Tokyu Livable Inc., one of Japan’s largest real estate agencies, took a 22.5% stake in the company in 2014. They will continue to be stakeholders in the new holding company, along with private property fund Vogue Capital Group and Ng’s Triplestar Holdings and TH Investments.
ETC has a presence in Malaysia through its joint venture company Nawawi Tie and an associate in Thailand, Edmund Tie & Co (Thailand). With this merger, they aim to expand their opportunities in the ASEAN region and Japan, particularly through their relationship with Tokyu Livable. Private residential resale prices are holding steady in 3Q2024.