ETC (formerly known as Edmund Tie) and OrangeTee Group have announced a merger to form a new holding company, the name of which has not been revealed yet. According to Desmond Sim, CEO of ETC, this is not an acquisition but a collaboration between the two companies.
As part of the merger, Sim will serve as the group CEO of the combined entity, while Justin Quek, the current CEO of OrangeTee & Tie, will take on the role of deputy group CEO. With a team of over 520 staff and 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of Feb 24, ETC will focus on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business.
The merger builds on the joint venture between the two companies in August 2017, which resulted in OrangeTee & Tie becoming the third largest agency in Singapore with over 4,000 agents. Triplestar Holdings and TH Investments, related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings, facilitated the latest merger by acquiring a stake in ETC after a management buyout in 2016.
This year marks ETC’s 30th anniversary, making it a significant milestone for the company. On the other hand, OrangeTee Group, which was incorporated in 2000, will be celebrating its 25th anniversary. The company is led by a board of directors and C-suites, including Quek, Marcus Oh, Teo Yak Huat, and Christine Sun.
Stakeholders of OrangeTee Group include Tokyu Livable Inc., one of Japan’s largest real estate agencies, and private property fund Vogue Capital Group. Both companies will also have a stake in the new holding company, in addition to Triplestar Holdings and TH Investments.
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The merger is expected to bring more opportunities for the companies in the ASEAN region and Japan, especially through their relationship with Tokyu Livable. ETC, which already has a presence in Malaysia and Thailand, opened an office in Johor Bahru last year through its joint venture company in Malaysia, Nawawi Tie.