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Source: Business Times

REAL estate franchise Coldwell Banker (Singapore) said on Wednesday it has signed seven new franchises in Singapore, adding to its existing stable of four franchises.

The group aims at assisting all the small-scale and growing real estate agencies to form a bigger entity, in hopes of leading to economies of scale.

The partnership will witness project sales opportunities for these new franchisees, and also things such as marketing insights, IT solutions, and support via administration, operations and marketing information.

Coldwell Banker Real Estate, founded in the United States, is under The Northstar Group (South-east Asia private equity fund manager) in Singapore. ERA Realty Network is also in the same group.

Coldwell Banker’s 11 franchisees in Singapore have 66 salespersons.

Jack Chua, chief executive officer of both Coldwell Banker (Singapore) and ERA, said: “Coldwell Banker, being a small agency, if they are on their own, they may not enjoy it (resources, technology and brand recognition). But I’m grouping them together, (so) I can tap on the resources of ERA and (enable the franchisees to) enjoy all these.”

Separately, Coldwell Banker also announced during Wednesday’s signing the appointment of Charlie Young as president and CEO of Coldwell Banker Real Estate LLC with effect from Sept 1, 2016. He will be succeeding Budge Huskey.