JLL buys 20% stake in PropNex unit

International real estate services firm JLL has bought a 20 per cent stake in home-grown PropNex International in a bid to grow its Singapore residential property business. PropNex International – the project marketing arm of PropNex – specialises in marketing new property developments. Its current projects include City Gate at Beach Road, Commonwealth Towers at Alexandra and Thomson Grand.

JLL had previous invested in firms such as Property Edge, an agency that focuses on high-end projects, DST International, which does international project sales, Credo Real Estate, which is best known for en bloc sales, and Halcyon Real Estate, which handles residential leasing.

Mr Chris Fossick, head of Singapore and South East Asia at JLL, said: “This move addresses the missing link in JLL’s residential business – sales of new mass market homes.”

Sales of new homes in the Outside Central Region (OCR) rose 250 per cent in the last five years compared to the previous five years, and JLL believes the supply of new mass market homes will continue to dominate the residential sector, he added. JLL did not say how much it paid for the 20 per cent stake in PropNex International. PropNex, which was founded in 2000, is one of Singapore’s largest property services firm.

Source : Channel NewsAsia – 5 Aug 2014

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