CB Richard Ellis said yesterday it has signed an affiliate agreement with Malaysian real estate services company Regroup Associates as part of a larger strategy to provide full-service offerings in major markets across Asia.
Regroup, set up by Allan Soo, is a familiar name in Malaysian property market circles. It offers a full range of commercial and residential property services, including valuation, investment sales and acquisitions, commercial leasing, auctions, development consultancy and marketing, research and property management.
CBRE said Regroup will adopt CBRE branding going forward. The firm, set up in March 1995, has offices in Kuala Lumpur, Johor Bahru and Penang, with 160 professional and administrative staff.
CBRE's expansion into Malaysia comes at a time of improved economic growth and further relaxation of rules relating to foreign ownership of Malaysian property.
Chris Brooke, president and CEO of CB Richard Ellis in Asia, said: 'We believe prospects for the real estate sector in Malaysia are very strong. Regroup is an established and trusted brand that is well positioned to capitalise on the opportunities presented by the real estate market in Malaysia, which is becoming increasingly international.
'Strategic affiliations such as that which we are pursuing with Regroup are a key component of our strategy to maintain a leading position in major business centres both within Asia and internationally.'
Regroup executive director Paul Khong said Regroup has worked closely with CBRE on joint marketing assignments since 2005. The new agreement, with its combined service offerings, will allow the group to serve its clients more effectively.
Source: Business Times, 3 Dec 2009
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