Savills has announced the merger of its Singapore-based Savills Property Management business unit with CKH Strata Management to create an industry leader specializing in the asset, property and facilities management market place.
The deal sees Savills Singapore Pte Ltd acquire a 51% stake in CKH Strata Management Pte Ltd, one of Singapore's largest and most respected property management companies.
"This is a strategic merger that offers a clear 'win-win' situation for both firm's clients and staff; and see Savills complete the development of its full service platform in Singapore," said Chris Marriott, CEO Savills South East Asia.
Savills Property Management business unit will now operate under the newly merged entity known as SavillsCKH Pte Ltd, a subsidiary of Savills Singapore, with Mr Chan Kok Hong assuming the role of Managing Director of the merged entity.
"It is a great pleasure and testament to my staff to be recognized as a market leader in Singapore and operate under such an established international brand, synonymous with high-end residential and commercial developments around the world. Our respective strengths definitely complement each other and will take SavillsCKH to the next level of service delivery," commented Mr Chan Kok Hong, Managing Director of the firm.
"This is a fabulous opportunity for existing clients and staff to benefit from the global systems and know-how of Asia Pacific's largest property manager with some 900 million ft² under management," added Chan.
SavillsCKH will operate in conjunction with Savills other agency and professional services platforms which employs over 110 staff and more than 800 brokers. SavillsCKH will operate with an additional 300 staff, servicing close to 30,000 apartments and many retail, office and industrial assets under management.