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Reinforcing leadership position in Singapore’s real estate advisory market
SINGAPORE, 26 July 2012 - Jones Lang LaSalle (NYSE: JLL), the global financial and professional services firm specializing in real estate, has today announced that it has agreed to acquire Credo Real Estate, the Singapore-based independent real estate advisory firm.
Credo Real Estate was established in 2002 and has 50 Singapore-based employees specialised in collective and residential sales, valuations, auctions, research and consultancy. Credo Real Estate is the clear market leader in collective sales, having transacted close to S$930 million in 2011. Combined with Jones Lang LaSalle’s S$200 million of collective sales this would be a market share of 35 percent in 2011, around S$1.13 billion. When completed, the acquisition will also double the size of Jones Lang LaSalle’s Singapore residential project sales team and will add a new specialist service, mortgage valuations.
Chris Fossick, Managing Director of Jones Lang LaSalle Singapore and South East Asia said: “Building up Credo to be one of the leading local real estate service companies in such a short time is a tremendous achievement by Karamjit Singh and his highly regarded senior team. The key driver behind this deal was the culture and values that we share with Credo; we are a people business and our success is based around skills and relationships. The coming together of Credo Real Estate and Jones Lang LaSalle strengthens our already strong and established teams, by providing us with even greater talent and the ability to successfully serve our clients.”
Karamjit Singh, Managing Director of Credo Real Estate said: “We see Jones Lang LaSalle as a very complementary fit to our culture and growth plans in view of our respective areas of speciality. Having worked with Jones Lang LaSalle before, I am well aware of the strength of its brand equity and global reach, which is built on client service, market intelligence and expertise. This move increases our reach and market share in Singapore but also connects us with Jones Lang LaSalle’s platform regionally in Asia Pacific and worldwide, which we will be able to leverage for our clients. It will also provide new and exciting opportunities for my colleagues.”
Karamjit Singh co-founded Credo Real Estate in 2002 after working for many years in real estate consultancy, investment advisory and marketing, including more than two years with Jones Lang LaSalle. He will take on the role of head of the combined Singapore Capital Markets and Collective Sales teams plus will have oversight and responsibility for our growing Singapore residential sales business.
Chris Fossick added: “Bringing Credo into Jones Lang LaSalle meets our strategic goal of being the leader in investment sales in Singapore and strengthens our residential project sales and annuity valuation business.”
The integration of the business lines and teams and full rebranding of all business activities is anticipated to start with effect from 1 September 2012.
Notes to editors1. Photography available2. Leadership biographies available : Chris Fossick, Karamjit Singh, Tan Hong Boon, Yong Choon Fah, Joan Chan, Ong Teck Hui3. Key Facts:
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