Two stalwart names in real estate services are joining forces in Malaysia to enhance the presence of both firms on a local and international level.
CBRE Group, the world’s largest commercial real estate services provider and investment firm, has acquired a 49 per cent stake in William Talhar & Wong (WTW) Sdn Bhd, Malaysia’s largest and oldest real estate service provider.
The joint venture will result in a new entity dubbed CBRE|WTW.
WTW managing director Foo Gee Jen said while there will be some changes in the shareholding company and a rebranding of the name, the management structure of WTW will remain the same.
Established in 1960, WTW is currently led by Foo and deputy managing director Danny Yeo. It currently has a nationwide network of 23 offices.
Foo added that the tie-up could lead to the provision of new services and the company is currently looking at financial restructuring or funding source-related services that it can tap into.
Meanwhile, CBRE chairman Willy Shee said that the partnership will allow CBRE to leverage WTW’s network of clients in various areas, including valuation, market research, consultancy, estate agency, project marketing, corporate real estate and property management services across the country.
WTW, he said, will be able to tap CBRE’s broad global platform as well as advisory and transaction, brokerage, capital markets and asset services.
CBRE’s Asia Pacific chief executive officer Steve Swerdlow believes the new partnership will pave the way for an enhanced level of service for clients, and that WTW’s current pool of clients will now benefit from CBRE’s wider service platform to take their businesses beyond Malaysia.
“Other than that, WTW will be able to plug into CBRE’s occupier outsourcing business called Global Workspace Solutions, which serves a blue-chip list of occupiers across a wide range of industries,” he added.
— Chris Prasad