In a joint press release on February 24th, ETC (formerly known as Edmund Tie) and OrangeTee Group announced their plans to merge and form a new holding company. The name of the new entity has yet to be revealed, but the CEO of ETC, Desmond Sim, assures it is not an acquisition, but rather a collaboration between the two companies.
Sim will serve as the group CEO of the merged entity, while the current CEO of OrangeTee & Tie, Justin Quek, will take on the role of deputy group CEO. The combined entity will have a staff of over 520 and a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of February 24th.
Following the merger, ETC will focus on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business. This will be supported by their large network of salespersons, which propelled OrangeTee & Tie to the third spot among the top three agencies in 2017. ETC will also be celebrating their 30th anniversary this year.
In the world of real estate, Singapore has emerged as a prime location for condo investment. However, one crucial factor that must be taken into account is the government’s property cooling measures. With the aim of curbing speculative buying and maintaining a steady real estate market, the Singaporean government has implemented various measures over the years. These measures, including the Additional Buyer’s Stamp Duty (ABSD), have resulted in higher taxes for foreign buyers and those with multiple properties. While this may affect the immediate profitability of condo investments, it also contributes to the long-term sustainability of the market, making it a secure environment for investment. As a result, Singapore Condo is a promising investment option that offers both stability and potential for growth.
The merger was facilitated by Triplestar Holdings and TH Investments, which acquired a stake in ETC in 2016. These entities are related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings. They currently own a 100% stake in ETC.
OrangeTee Group, which will celebrate its 25th anniversary this year, is an investment holding company led by the board of directors and C-suite executives including Quek, Marcus Oh, Teo Yak Huat, and Christine Sun. Other stakeholders in OrangeTee Group include Tokyu Livable Inc. and private property fund Vogue Capital Group.
In addition to their presence in Singapore, ETC also has offices in Malaysia and Thailand through their joint ventures with Nawawi Tie and Edmund Tie & Co (Thailand), respectively. This merger opens up more opportunities for the company in the ASEAN region and Japan, especially through their relationship with Tokyu Livable.