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SINGAPORE (Aug 28): OrangeTee and Edmund Tie & Co (ET&Co) today announced the merger of their associate agencies to create a new entity, OrangeTee & Tie.
Currently, OrangeTee’s associate agency division has 2,928 agents, while ET&Co. has 1,122 agents. The combined entity will therefore have a sales force of more than 4,000 agents, making it the third largest in Singapore. According to Ong Choon Fah, CEO of ET&Co., both firms are established Singapore brands, and “complement each other in terms of capabilities.”
Steven Tan, managing director of OrangeTee adds: “The real estate industry and the wider economy are going through structural changes. Digitisation and the sharing economy has disrupted many traditional modes of commerce, and the market has responded by consolidating and rationalizing.” To do well, companies need to create economies of scale to enhance productivity and cost effectiveness, as well as leverage on technology to maximize efficiency and effectiveness, he adds.
