Savills says it is on its way to becoming the top team in Singapore’s investment market as the company brings on board a group of former CBRE brokers to staff up its capital markets team in the city.
Jeremy Lake, former head of investment for CBRE in Singapore has joined Savills as Managing Director for Investment Sales and Capital Markets, with Galven Tan, who previously worked as a Executive Director with CBRE in Singapore, also starting a new role at Savills as a Deputy Managing Director with Lake’s team, according to a statement by the company.
Arriving at Savills’ Singapore office with Lake and Tan are two more former CBRE executives, Yap Hui Yee and Sophia Lim, both of whom will also be joining the investment brokerage division.
Bringing in an Experienced Team
“Jeremy and his team bring with them tremendous depth of experience in this marketplace having handled a significant portion of Singapore’s largest investment transactions across a myriad of asset classes,” Savills Singapore chief executive Marcus Loo said in a statement.
In their previous roles, Lake, Tan and their teammates were involved in a number of high profile Singapore transactions as the city-state’s investment market has built up steam in the past two years.
Among the deals which the veteran brokers were involved in while at CBRE were Frasers Property’s S$442.7 million (then $327.4 million) sale of a 50 percent stake in Frasers Tower to Korea’s National Pension Service (NPS) in June of this year, as well as Commerzbank’s S$744 million sale of 71 Robinson Road in August, and CLSA’s S$710 million sale of Robinson 77 to Gaw Capital Partners in February of this year.
Brokerages Trade Executives
Prior to giving his notice at CBRE approximately three months ago, Lake had been with the US-based brokerage and its predecessors since 1991, with Tan having been with the green team in Singapore since 2004.
Yap, will be joining Savills as a Director, after having been an Associate Director at CBRE, and Lim will have the title of Senior Manager on her new yellow and white name card, after having served as a Manager with her previous employer.
The new recruits will be joining a team that has been led directly by Savills Chief Executive Officer for Southeast Asia, Christopher Marriott, and also includes Executive Director Callum Young and Senior Director Suzie Mok, according to Savills’ website.
“It has been one of my strategic objectives to hire the very best operators and become the leading Investment Sales agency both here in Singapore and in the broader Asia Pacific region,” Marriott said in a statement.
Lake and his team’s departure from CBRE coincided with the company bringing on board former JLL executive Greg Hyland as Managing Director of Capital Markets for Asia Pacific, with the veteran investment broker stepping into his new role in mid-October as real estate capital markets in Singapore and Southeast Asia enjoy an upswing.
In a survey released this past week by industry non-profit the Urban Land Institute together with PwC, real estate industry professionals polled in the study ranked Singapore as the top destination for investment prospects in 2020, with the Lion city ranking second for development potential. Vietnam’s southern metropolis, Ho Chi Minh City took the top spot for development, and ranked third for investment, according to the results of the annual survey.