Knight Frank Malaysia has acquired a 51 percent ownership in Property Hub Sdn Bhd, a Malaysian real estate agency, to increase its presence in the residential real estate industry.
The workforce has grown to 720 experts with Property Hub, which has been rebranded as Knight Frank Property Hub (KFPH), but plans are in place to increase the number to 1,000 professionals within the next three years.
To incorporate Property Hub into Knight Frank’s global processes, a new management structure will be implemented, as well as new recruits.
He said the development strategy involves boosting their presence in Penang and Johor, and that the move was made in anticipation of the housing market’s predicted revival this year. “There is a lot of pent-up demand,” he said, adding that the market will return with the easing of standard operating procedures and the opening of borders.
While Knight Frank has a strong presence in the residential mid-to-high-end markets and a large client base of high-net-worth individuals, KFPH will serve as Knight Frank Malaysia’s residential real estate branch.
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KUALA LUMPUR: Global real estate firm Knight Frank Malaysia is expanding its presence into the residential real estate market with the acquisition of Property Hub Sdn Bhd, taking a 51% stake in the local real estate agency.
With Property Hub, which has been rebranded as Knight Frank Property Hub (KFPH), the team has been enlarged to 720 professionals but plans are in place to bolster the total to 1,000 professionals within the next three years.
A new management structure will be implemented, in addition to the acquisition of new hires to integrate Property Hub into Knight Frank’s global practices.
“Today’s announcement reinforces our position as the leading real estate consultant in Malaysia and highlights the power of our brand and culture to attract the best talent. With the combination of our 600+ professionals in Malaysia, this will enhance Knight Frank Malaysia’s ability to provide comprehensive solutions for clients in any market across the country,” Knight Frank Malaysia group managing director Sarkunan Subramaniam said.
The expansion plan includes strengthening their foothold in Penang and Johor, he said, adding that the expansion was in lieu of the expected recovery of the property market this year. “There is a lot of pent-up demand,” he said, pointing out that with the relaxation of the standard operating procedures and the opening of the borders, the market will rebound.
“This joint venture aligns with our vision to provide our clients with a full range of services, including valuation, capital markets, corporate services and property management, while leveraging our expertise in residential sales and leasing as well as project marketing,” KFPH managing director Benjamin Tee said.
While Knight Frank has an established presence in the residential mid-to-high-end markets and a cache of high-net-worth clients, KFPH is set to operate as Knight Frank Malaysia’s local residential real estate arm.
Knight Frank Malaysia group chairman Eric Ooi and group deputy managing director Keith Ooi as well as KFPH executive directors Enoch Khoo and Wan Choy Heng were also present at the launch of KFPH.
Source: Star Property