On January 1, real estate agency SRI announced that 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), had joined their firm, including its head, Evan Chung.
This move has caused a significant shift in the property market, as the 111 agents accounted for 40.5% of KFPN’s sales force of 274 agents. KFPN was ranked the sixth-largest property agency by the Council for Estate Agencies (CEA) in 2024. With the addition of these agents, SRI’s sales force has increased to 1,501 agents, making it the fifth-largest property agency.
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Co-founded by Bruce Lye and Benson Koh in 2016, SRI was a spin-off from SRI5000, which the duo had established as a division of SLP Realty six years prior. It began with 120 agents operating out of a 2,000 sq ft shop unit in Tiong Bahru. As the sales force grew, SRI outgrew its Tiong Bahru premises and moved to a larger 4,200 sq ft office space at Great World in 2021.
According to SRI’s CEO, Thomas Tan, the firm achieved a significant milestone by reaching 1,500 agents at the beginning of 2025 and aims to expand to 2,000 agents by the end of the year. The larger sales force is expected to further strengthen SRI’s various business lines, including residential, capital markets, industrial, auctions, and international projects. Tan notes that many of the new agents from KFPN are involved in significant transactions, which will complement SRI’s luxury property segments, such as Good Class Bungalows (GCBs).
Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan’s goal is to transform SRI into a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.
Former KFPN head, Evan Chung, who has now joined SRI as a leader, explains that his decision to move was driven by the agency’s commitment to providing its agents with effective tools, comprehensive support, and expert coaching. He also acknowledges the open and collaborative culture at SRI, which makes them feel supported as professionals and as a team striving for excellence. Chung believes that this will be a great platform to grow their business and serve their clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.
As a result of the departure of these agents, KFPN’s sales force has decreased to 145 agents, and its ranking has dropped from sixth to eighth-largest agency, according to CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it is business as usual at KFPN. He states that they are in the process of appointing a new head to lead KFPN and ensure strong leadership to drive its growth and success. He also mentions that they will assess the team’s strengths and expertise to strategically position KFPN for future opportunities.