PropNex, Singapore’s largest home-grown real estate agency, and JLL, one of the largest and most successful global real estate consultancies, have announced the launch of a new initiative aimed at assisting developers and buyers of luxury homes in Singapore.
An exclusive sales team of about 200 luxury home specialists from PropNex’s 5,500 salespersons, have been selected to form a new group under a distinct identity ‘Luxury Real Estate – in Partnership with JLL’. This group of high-end agents will support the joint efforts of JLL and PropNex to better serve property developers of high-end homes with their sales and marketing.
Chris Fossick, JLL’s Managing Director for Singapore and Southeast Asia, said: “Developers of luxury properties in Singapore need more help than before to move their inventory. The challenges are largely owing to policies that have suppressed demand from foreigners and investors.
“While they need more hands on deck, these developers are extremely particular with the quality, reputation, consistency and effectiveness of their sales force.
“Between PropNex and us, we believe we have now developed an optimal solution that addresses this as we jointly undertake their project marketing mandates. This combines JLL’s quality research, global reputation and network, together with the absolute best from PropNex’s dynamic and the large talent pool.”
Both PropNex and JLL went through a rigorous process of carefully selecting sales persons who met strict criteria in terms of track record, communication skills, ethics, product and market knowledge. Shortlisted candidates then underwent compulsory training in project marketing to ensure a high and consistent standard of service delivery and were required to pass an interview before they could be certified under the Luxury Real Estate brand.
In a graduation ceremony this week the certified Luxury Real Estate agents were awarded their certificates.
“Out of a total of 1.3 million homes in Singapore, private and public included, JLL estimates that the stock of luxury homes represents a mere one per cent,” added Fossick.
“These properties are mostly located near Orchard Road, Marina Bay and Sentosa and their values can vary considerably – from S$5 million to S$50 million. Despite the small size of the market we see a strong need for a specialised approach to help our luxury developer clients, befitting the high value and quality of their real estate as well as the profile of the purchasers.”
This new initiative comes a year after JLL and PropNex entered into a strategic partnership, when JLL acquired a stake in PropNex’s project marketing business. Since then, both companies have broadened their scope of cooperation, in areas such as auction and project marketing of commercial developments.
“While PropNex offers a wide range of sales and leasing services – from HDB flats to condominiums, less is known about our immense success with sales of luxury homes,” said Ismail Gafoor, Chief Executive Officer of PropNex.
“PropNex, for example, was behind the sale of the most expensive penthouse in Singapore – the S$51 million deal at Le Nouvel Ardmore. Likewise, PropNex sold the penthouses at St Regis Residences for S$12.2 million and Marina Bay Suites for S$ 18.98 million. Our agents have also consistently brokered Good Class Bungalows (GCBs) and luxury houses at Sentosa.
“The Luxury Real Estate brand would hence serve to recognise and elevate the status of these highly successful agents who are well plugged into the world of high-net worth buyers. It will also serve to raise the standards of professionalism in the industry and motivate other agents to emulate their success,” added Gafoor.