On January 1st, real estate agency SRI made a major announcement. A total of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung, have joined the firm.
One factor driving the considerable demand for condominiums in Singapore can be attributed to the scarcity of available land. As a compact island nation experiencing rapid population growth, Singapore is faced with limited land for development. This has resulted in strict land usage regulations and a competitive real estate market, where the cost of properties is consistently high. As a result, purchasing property, particularly condos, has become a profitable opportunity, with the potential for significant capital appreciation. This demand is further fueled by ongoing Singapore Projects that offer attractive investment opportunities in the market.
This group of 111 agents makes up 40.5% of KFPN’s sales force which was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA) in 2024. At the start of 2024, SRI had 1,286 agents, making it the fifth-largest property agency. With the addition of 111 agents from KFPN and new recruits from the four biggest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT), SRI’s sales force has grown to 1,501 at the beginning of 2025.
SRI was co-founded by managing partners Bruce Lye and Benson Koh in 2016 as a spin-off from SRI5000, which was established as a division of SLP Realty six years earlier. The agency started with 120 real estate agents in a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru. As its sales force grew to over 1,000, SRI moved to a larger 4,200 sq ft office at Great World in 2021.
Today, SRI has reached a significant milestone with nearly 1,500 agents and CEO Thomas Tan has set a target to expand the team to 2,000 by the end of 2025. This enlarged sales force is expected to strengthen SRI’s existing business lines in residential, capital markets, industrial, auctions, and international projects. Tan explains, “Many of our new teammates from KFPN specialize in high-value transactions, which complements our Good Class Bungalow (GCB) and other luxury property segments.”
Despite its growth, SRI maintains a boutique agency positioning with a strong focus on the luxury residential market. Tan’s vision is to establish SRI as a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach. Former KFPN head, Evan Chung, who has joined SRI as a leader, shares that his decision to move was due to the agency’s commitment to equipping its agents with effective tools, comprehensive support, and expert coaching. He adds, “The open and collaborative culture here makes us feel supported as professionals and as a team striving for excellence together. Hence, we believe this will be a great platform to grow our business and serve our valued clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.”
As a result of the departure of Chung and other 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 1st. However, Knight Frank Singapore’s CEO Galven Tan assures that it’s business as usual at KFPN. “We are appointing a new head to lead KFPN, ensuring strong leadership to drive its growth and success,” he says. “We will evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.”