Singapore's five largest property agencies, read from public records

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Kooky

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Singapore's property agency trade has an unusual shape. The regulator, the Council for Estate Agencies (CEA), counted 997 licensed property agencies on 1 January 2026, and five of them held almost nine in ten of the 36,816 registered property agents. The other 992 agencies shared what was left.

Because every agent must be registered with CEA through a licensed agency, the size of each agency is a matter of public record, published by the regulator itself. Two of the five largest are also part of groups listed on the Singapore Exchange, which means they publish results, dividends and claims about their share of the market. The other three are not, and far less is published about them.

This guide describes the position as read in October 2026. It draws on CEA's industry statistics page and its consumer page about the public register, the 2025 annual report and the first-half 2026 presentation of PropNex, the results release of APAC Realty for 2025, and press reports: several by EdgeProp, and one Business Times article read as carried by Tabla, a sister title at SPH Media. It sets out who the large agencies are, who owns them, what the listed ones say about themselves, how agents move between them, and what the falling number of small agencies looks like in CEA's own figures. It makes no judgement about which agency serves a client well: the records read here do not measure that. How commission is divided between an agency and its salespersons is a separate subject and is not covered.

Council for Estate Agencies, industry statistics page, last updated 16 January 2026. The 87.7% is arithmetic from the regulator's table of the ten largest agencies.

What the regulator counts, and when

CEA's industry statistics page gives three years of headline figures, each taken on 1 January. The number of property agents was 35,251 in 2024, 36,058 in 2025 and 36,816 in 2026. The number of property agencies was 1,090 in 2024, 1,046 in 2025 and 997 in 2026. The page says it was last updated on 16 January 2026.

Two things follow from the way the page is built. First, it is a snapshot: figures taken on other days of the year differ, as later sections show. Second, the page counts people and licences only. It carries no transaction volumes, no revenue and no complaints figure for any agency.

The page says "property agents" and "property agencies"; the companies' own documents mostly say "salespersons". This guide uses both, for the same people. The same page publishes a table of the ten largest agencies by number of agents, as of 1 January 2026, naming each licensed entity. That table is the base for everything said about size below.

Five agencies above 500 agents

CEA sorts agencies into five size bands. On 1 January 2026, five agencies had more than 500 agents. The table of the ten largest shows who they were: PropNex Realty with 13,945 agents, ERA Realty Network with 8,427, Huttons Asia with 5,760, OrangeTee & Tie with 2,518 and SRI with 1,621.

The five together had 32,271 agents. Set against the 36,816 on the register, that is 87.7 per cent, by arithmetic from CEA's table. The first three alone had 28,132, or 76.4 per cent. Taken singly, again by arithmetic, PropNex Realty had 37.9 per cent of all registered agents, a figure its annual report for 2025 also gives, ERA Realty Network 22.9 per cent, Huttons Asia 15.6 per cent, OrangeTee & Tie 6.8 per cent and SRI 4.4 per cent.

Below the fifth place the scale changes abruptly. The sixth agency in CEA's table, C&H Properties, had 190 agents. SRI, in fifth place, was about 8.5 times that size. The seventh to tenth places went to SN Real Estate with 177 agents, Century 21 with 132, CBRE with 104 and KF Property Network with 98. Those five had 701 agents between them, fewer than half of SRI's count.

The ten largest agencies therefore accounted for 32,972 agents, or 89.6 per cent of the register. The remaining 987 agencies had 3,844 agents between them, an average of fewer than four each.

Headcount at earlier dates

CEA's page gives agency-by-agency figures for one date only. For earlier years, this guide relies on two tables that EdgeProp published from the CEA public register, on 28 August 2017 and 6 September 2020. They were taken on other days of the year than 1 January, so the comparison with CEA's 2026 table is approximate.

Between the September 2020 reading and 1 January 2026, by arithmetic from those two tables, PropNex Realty added 5,217 agents, a rise of 59.8 per cent. Huttons Asia added 2,721, a rise of 89.5 per cent. ERA Realty Network added 1,106, or 15.1 per cent. OrangeTee & Tie moved the other way, from 4,360 to 2,518, a fall of 42.2 per cent.

The order of the four changed in the period. In the 2017 and 2020 tables OrangeTee & Tie was the third largest; on CEA's table for 1 January 2026 Huttons Asia was third, at 5,760 against 2,518. Against the 2017 numbers, PropNex Realty's count on 1 January 2026 was a little more than double. EdgeProp's 2017 table also listed KF Property Network at 652 agents.

Company documents add a few later readings. PropNex's annual report for 2025 gives its own count as 12,636 on 1 January 2025 and 14,240 on 12 March 2026. Its presentation for the first half of 2026 gives the register total as 38,162 on 1 July 2026, citing CEA, with 14,555 at PropNex on that date. That presentation also charts the four largest agencies year by year from 2020; the earlier years of that chart could not be confirmed against the regulator's figures and are not used here.

Who owns the five

Two of the five sit inside listed groups. PropNex Limited is listed on the mainboard of the Singapore Exchange; its annual report for 2025 gives the listing date as 2 July 2018. APAC Realty Limited, which operates ERA, said in its release of 23 February 2026 that it has been listed on the mainboard since 2017. Both publish results and announcements through the exchange.

No listing of the other three was found in the documents read, and what is known about their ownership comes from press reports, not from filings of their own.

For Huttons Asia, the fullest account read for this guide is EdgeProp's report of 6 September 2020, which cited a search of company records. It gave Savills a 48 per cent stake. EdgeProp said the agency was founded in 2002. No later statement of Huttons' shareholding was read, so the 2020 position is given here as reported at the time and not as current fact. EdgeProp reported on 20 November 2020 that Huttons' chief executive at the time did not rule out a listing. Nothing read for this guide records one since.

OrangeTee & Tie belongs to a group that was reorganised in 2025; the next section covers it. For SRI, the fifth agency, no ownership document or press account was read, and this guide makes no statement about who owns it.

The 2025 combination behind Realion

OrangeTee & Tie is itself the product of a merger. EdgeProp reported on 28 August 2017 that OrangeTee and Edmund Tie & Company were combining their associate agency businesses into a new entity of that name. The report gave OrangeTee's agency division 2,928 agents and Edmund Tie's 1,122, which add up to 4,050; its table, drawn from the CEA register on 22 August 2017, gave the combined figure as 4,059. Both numbers are in the same article. A later EdgeProp report said Edmund Tie took a 20 per cent stake in that entity.

On 24 February 2025, EdgeProp reported a second, wider step: ETC, the consultancy formerly known as Edmund Tie, and OrangeTee Group announced a merger under a new holding company, whose name had not then been revealed. According to that report, ETC was wholly owned by two investment companies, Triplestar Holdings and TH Investments. Tokyu Livable had held 22.5 per cent of OrangeTee Group since 2014, and Vogue Capital Group was also a shareholder of OrangeTee Group. All four were to hold stakes in the new holding company. The report gave no percentages for the new entity.

The division of work was described in the same report: ETC would concentrate on consultancy and advisory services, and OrangeTee on its agency business and property technology. EdgeProp quoted ETC's chief executive as saying it was "not an acquisition but a meeting of minds". The agency had 2,803 salespersons registered with CEA on the day of the announcement, the report said.

The holding company is now known as Realion Group. EdgeProp, reporting on 17 September 2026, said ETC and OrangeTee had kept their respective brands after the merger. That report also said the group chief executive who steered the merger was stepping down, with a last day scheduled for 31 October 2026, and that a successor had not been named.

On one detail the two EdgeProp reports differ. The February 2025 article said the combined entity would have more than 520 staff. The September 2026 article attached the figure of more than 520 staff to ETC. This guide cannot settle which is right.

What the two listed groups disclose

Because PropNex and APAC Realty are listed, a reader can see figures for them that do not exist in public for the other three agencies. The table sets the main ones side by side for the 2025 financial year.

PropNex's annual report says profit attributable to owners rose 72.0 per cent in 2025, from S$40.9 million. APAC Realty's release puts its own at S$20.6 million against S$7.2 million in 2024.

On dividends, PropNex's annual report describes an interim dividend of 5.0 cents a share, paid in September 2025, and a proposed final dividend of 4.5 cents, making 9.5 cents for the year against 7.75 cents for 2024. The report refers to a policy of distributing 75 to 80 per cent of profit attributable to owners, and states payout ratios above that range in both years: 99.9 per cent for 2025 and 140.1 per cent for 2024. The report says the group paid S$77.7 million in dividends during 2025 and remained free of debt. For the first half of 2026, PropNex's presentation gives an interim dividend of 5.00 cents a share and profit attributable to owners of S$40.9 million, against S$42.3 million a year earlier.

APAC Realty's release gives a total dividend of 4.05 cents a share for 2025, a figure it says is adjusted for a bonus issue, including a final dividend of 1.8 cents that was subject to shareholder approval. It states a payout ratio of 78.2 per cent. The release does not give the 2024 dividend or a dividend policy.

APAC Realty's release counts more than 21,900 advisors across 14 countries and territories and 561 offices at 1 January 2026, of which ERA Singapore's 8,427 salespersons are one part. It also cites 27 developments with 12,773 units for ERA Singapore in 2025.

Market share claims and how they are built

Headcount is the regulator's figure. Market share is a company's claim, and only one of the two listed groups publishes percentages in the documents read.

PropNex's annual report for 2025 says its salespersons were involved in 60.6 per cent of home transactions in 2025, down from 64.2 per cent in 2024. It states the basis: volume of transactions across HDB resale, private resale and new launches, from the Urban Redevelopment Authority's Realis database, HDB and Singapore's open data, retrieved on 4 February 2026, with the consultancy Frost & Sullivan named as the source. By segment, the report claims 48.9 per cent of new launches in 2025, down from 54.2 per cent; 65.3 per cent of private resale, up from 64.9 per cent; 63.2 per cent of HDB resale, down from 66.4 per cent; 52.5 per cent of landed resale, up from 50.2 per cent; and 38.2 per cent of private leasing, up from 37.8 per cent.

For the first half of 2026, the company's presentation claims 64.3 per cent overall, 66.3 per cent of private resale, 68.1 per cent of HDB resale, 55.4 per cent of landed resale and 43.0 per cent of private leasing, from data retrieved on 23 July 2026.

One phrase on that slide matters for anyone reading these numbers: the shares are stated as "including co-broking". Read plainly, a share counted that way records the transactions in which the company's salespersons took part, including those where another agency acted for the other side. On such a basis the shares of different agencies need not add up to 100 per cent. That is a reading of the stated basis, not something the presentation spells out.

PropNex had 37.9 per cent of registered agents on 1 January 2026 and claims 60.6 per cent of 2025 transactions on its own basis. The two percentages measure different things and are not directly comparable.

APAC Realty's release for 2025 gives no market share percentage for ERA Singapore. It describes ERA Singapore as the largest ERA member broker globally by transaction value, without stating a period or a source. For Huttons, OrangeTee & Tie and SRI, no market share figure from a filing or an official page was read.

How agents and teams move between agencies

An agent in Singapore is registered with CEA through one licensed agency, according to CEA's consumer page, and carries a personal registration number. A move from one agency to another is therefore a change on the register. EdgeProp, describing one such move on 4 February 2026, wrote that the switch was being processed by CEA.

The press reports read for this guide show three patterns.

The first is the merger of whole agent forces. The 2017 combination that created OrangeTee & Tie was one. Another came in 2020: EdgeProp reported on 6 September of that year that all agents at Savills Residential were to move to Huttons Asia. On CEA registrations at 5 September 2020, as EdgeProp gave them, Huttons had 3,039 agents and Savills Residential 582, for a combined 3,621 if all crossed over. The same report listed SRI at 960 agents. By 1 January 2026 SRI had 1,621, a rise of 68.9 per cent on that 2020 figure, by arithmetic.

The second is the move of a group led by a senior agent. A Business Times article of 28 July 2026, read as carried by Tabla, said 111 agents of KF Property Network left for SRI in January 2025, about 40 per cent of the 274 agents that agency had in January 2024. On a smaller scale, EdgeProp's report of 4 February 2026 concerned a new-launch director leaving Keller Williams Singapore for ERA Singapore. Her group had more than 80 agents as at October 2025, EdgeProp said, and Keller Williams Singapore had 159 salespeople on the register on 29 January 2026. The report did not say how many would follow her.

The third is an orderly exit. The same article said Knight Frank was leaving the residential agency business in Singapore, that KF Property Network would cease operations by the end of 2026, and that under an agreement its salespersons could move to OrangeTee & Tie. The agency had about 97 registered salespersons in June 2026 and OrangeTee & Tie about 2,567, the article said. OrangeTee's chief executive was quoted describing the arrangement as "a business continuity plan" and saying it was not an acquisition, merger or buyout of the business.

The listed groups describe recruitment in their own terms. PropNex's annual report says the group recruited 1,309 new and experienced salespersons in 2025. That figure is identical to the net rise in its CEA count over the year, from 12,636 to 13,945; the report does not give separate numbers for those who joined and those who left. The report also carries two targets for 2027: the chief executive's message refers to 16,000 salespersons, and the sustainability section to 15,000. APAC Realty's release says the group continues to expand its salesforce through "disciplined recruitment" and gives no target.

Fewer agencies each year: the small end

While the number of agents has risen, the number of agencies has fallen. From CEA's figures, agents rose by 807 in 2024 and by 758 in 2025, about 2.3 and 2.1 per cent. Agencies fell by 44 and then by 49, about 4.0 and 4.7 per cent. Over the two years there were 93 fewer agencies, a fall of 8.5 per cent, and 1,565 more agents. The average number of agents per agency, by arithmetic, went from about 32 to about 37.

That average hides the real distribution, which CEA publishes as size bands.

More than nine agencies in ten had ten agents or fewer. Only 18 had more than 50. The agencies ranked sixth to tenth, with between 98 and 190 agents each, all fall in the band of 51 to 500, which shows how thinly that band is populated at its upper end: nothing on CEA's list sits between 190 and 1,621.

CEA's page gives the bands for 2026 only, so it does not show which band lost agencies. It also gives no reasons. The Business Times article of 28 July 2026 carried by Tabla said 47 property agencies closed in 2025, leaving 998 active on 1 January 2026. CEA's own table gives 997 for that date, and the difference between its two January counts is 49. The figures are close but not identical, and both are shown here. The page does not separate agencies newly licensed from agencies that closed.

KF Property Network is the most fully documented case in the reports read: 652 agents in August 2017 on EdgeProp's table, 98 on CEA's table for 1 January 2026, and a closure scheduled by the end of 2026.

What size does and does not tell a consumer

Size, as CEA publishes it, is a count of registered people. It establishes that an agency is licensed and how many agents were registered through it on a given day. With the two listed groups, it comes with published results and a dividend record.

What the count does not contain is any measure of how a transaction went for the client. CEA's statistics page has no complaints, disciplinary or service figures by agency. The market share percentages come from one company, on a basis that includes co-broking. Nothing in the documents read links an agency's headcount to the price a seller achieved, the time a sale took or the commission agreed.

The record CEA offers for checking is that of the person a client deals with, not the agency's place in a table. The same page says advertisements must show the agency's name and CEA licence number, which can be verified on the register, and that carrying out estate agency work without a valid registration is an offence.

Several points remain open in the public record. Ownership of the three unlisted agencies is not disclosed in any filing read here, and for SRI not at all. Stakes in Realion Group have not been published. Only one of the five agencies publishes market share percentages in the documents read. No source gives the number of agents who change agency each year.

A headcount shows how many agents an agency has. The register shows what one agent has done.

Kooky, from Shaka

Kooky edits Agents Estate and builds Shaka, the payment router he made for real estate professionals. One payment comes in, and every agent, agency and party in the deal receives their signed share on closing date.

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