In January 1, SRI, a real estate agency, announced the addition of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung. This accounts for 40.5% of KFPN’s sales force of 274 agents as of January 1, 2024, when it was ranked the sixth-largest property agency by the Council for Estate Agencies (CEA). Meanwhile, SRI had 1,286 agents at the start of 2024, making it the fifth-largest property agency. Along with the recruits from the four largest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT) – the addition of 111 agents from KFPN has increased SRI’s agency sales force to 1,501 at the beginning of 2025.
Established in 2016 by managing partners Bruce Lye and Benson Koh, SRI is a spin-off from SRI5000, which the duo had started as a division of SLP Realty six years prior. Originally with 120 real estate agents operating from a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru, SRI moved to a 4,200 sq ft office space at Great World in 2021 after its sales force surpassed 1,000 agents. Today, SRI has achieved a significant milestone by reaching almost 1,500 real estate agents and is aiming to grow the team to 2,000 by the end of 2025, according to the firm’s CEO, Thomas Tan.
The expanded sales force is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions and international projects. Tan explains that many of the new team members from KFPN bring experience in handling big-ticket deals, which complements SRI’s Good Class Bungalow (GCB) and other luxury property segments.
Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan hopes to transform SRI into a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.
Evan Chung, the former head of KFPN and now a leader at SRI, states that his decision to move was due to SRI’s dedication to equipping its agents with effective tools, comprehensive support, and expert coaching. He also mentions the open and collaborative culture at SRI, which makes them feel supported as professionals and as a team striving for excellence together. Chung believes this will be a great platform to grow their business and serve their valued clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.
Following the departure of Chung and other real estate agents, KFPN’s sales force has decreased to 145 agents, causing its ranking to drop from sixth to eighth largest agency, based on CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, says that it’s business as usual at KFPN. He assures that they are in the process of appointing a new head to lead KFPN and will evaluate the team’s strengths and expertise to strategically position them for future opportunities.