Credo is now part of JLL!

Jones Lang LaSalle (JLL) is acquiring homegrown property firm Credo Real Estate for an undisclosed sum.

However, some analysts have estimated the deal to be worth between S$20 million and S$40 million.

The New York-listed JLL said the acquisition will reinforce its position to be the top in commercial capital markets and collective sales in Singapore.

Credo Real Estate was established in 2002 and has 50 Singapore-based employees specialising in collective residential sales, valuations, auctions, research and consultancy.

In 2011, Credo Real Estate transacted close to S$930 million in collective sales, making it the market leader in that segment.

Together with Jones Lang LaSalle's S$200 million of collective sales that year, both firms will comprise 35 per cent of the market share at around S$1.13 billion.

Chris Fossick, managing director of Jones Lang LaSalle Singapore and South East Asia, said: "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."

He added "bringing Credo into JLL meets our strategic goal of being the leader in investment sales in Singapore and strengthens our residential project sales and annuity valuation business."

Co-founder and managing director of Credo Real Estate, Karamjit Singh, said in a statement that "this move increases our reach and market share in Singapore but also connects us with JLL's platform regionally in Asia Pacific and worldwide, which we will be able to leverage for our clients."

When completed, the acquisition will double the size of JLL's Singapore residential project sales team.

It added a new specialist service and mortgage valuations will also be added.

Mr Karamjit will take on the role of head of the combined Singapore Capital Markets and Collective Sales teams. He will also have oversight and responsibility for JLL's Singapore residential sales business.

The integration of the business lines and teams and full rebranding of all business activities will start with effect from 1 September.

Source: Channel News Asia

.