Savills Acquires Singapore’s Merx Group to Bolster APAC Project Management

Savills has acquired Singapore-based Merx Group for an undisclosed amount in a bid to strengthen the property services firm’s project management capabilities across Asia Pacific.

The pick-up adds Merx’s crew of 50 project management professionals to Savills’ regional offering, with the Singapore-based target firm specialising in workplace fit-outs across the office, data centre, industrial, hospitality and retail sectors, the companies said Monday in a release.

The deal for Merx, which has offices in Hong Kong, Macau, Malaysia, Indonesia and Myanmar in addition to Singapore, reflects UK-based Savills’ global strategy of continuing to invest in project management and real estate consulting talent after last year’s acquisitions of Macro Consultants and T3 Advisors in the North American market.

“We continue to see our clients require more sophisticated consultancy services, as well as tailored advice,” said Adam Evennett, head of tenant advisory and occupier services for Savills in APAC. “In this context, the Merx deal aligns perfectly with Savills’ objective of building out a best-in-class capability to support our clients in the region.”

Office Jobs

Led by chief executive William Forwood, Merx has completed numerous office fit-out projects for large firms operating in Asia, including the Singapore headquarters of telecom giant Singtel, the Yangon offices of Norwegian mobile service provider Telenor, and the Hong Kong workplaces of AXA Investment Managers and Schroders.

Forwood, who will continue in his current role and also serve as managing director for Savills project management in Asia, said the joining of forces between his company and Savills was a significant next step for a business built and nurtured for more than 20 years.

“In Savills, we identified a group which understands and reflects the same ethos of high-quality client service, care and professionalism that has supported our own growth and longevity,” he said.

Christian Mancini, chief executive for Savills in APAC ex-Greater China, said the agency’s existing project management platform in the region consists of 350 professionals across China, Hong Kong, Japan, South Korea, India, Singapore, Malaysia, Australia and New Zealand.

“Project management, as a service line in its own right, is key to our strategy for the region, as well as providing support and technical input to other service lines: transactional, property management and consulting services,” Mancini said. “We recognise the knock-on value which this partnership will deliver for Savills and our clients.”

Service Upgrade

Savills’ competitors in the property consultancy space have likewise sought to raise their project management game through acquisitions and strategic partnerships.

CBRE beefed up its service offerings last year with a string of deals, including the purchase of a 60 percent stake in British project management specialist Turner & Townsend and the acquisition of Singapore-based commercial design firm Wolf Studio.

In 2018, JLL boosted its operations in the Philippines by scooping up Manila-based project and construction management firm JCL International and its 40-plus staff. A few years earlier, JLL had added 180 new team members across nine offices in Asia by picking up Singapore-based interior design firm PDM to expand its design, construction and fit-out capabilities in the region.

Also in 2018, Colliers International bought Shanghai-based SIP Group to expand the agency’s mainland project management team to more than 110 project managers from a team of 15 before the acquisition.