SINGAPORE (EDGEPROP) - The dissolution of real estate agency SLP Scotia Pte Ltd is expected to be completed by March 19.
SLP Scotia Pte Ltd, a wholly-owned subsidiary of SLP International Property Consultants Pte Ltd, had applied for voluntary liquidation, according to a Dec 18, 2020, notice.
“This is the last phase of a restructuring process that began in 2Q2020 by parent company SLP International, whose business has not been interrupted," says Francis Tan, chief executive officer of SLP International.
The agents from SLP Scotia will be transferred to SLP International, bringing the total number in its fold to 150. “This move will help us rationalise our agency business lines, as well as optimise and better integrate our agency operations,” Tan adds. “We believe this move will enable us to serve our clients even better with the resources we now have on hand.”
Garett Lim, general manager of SLP International, posted an announcement to business partners to clarify that SLP Scotia, the firm's subsidiary, was voluntarily wound up “due to evolving market conditions and priorities of the parent company”.
He further emphasised that SLP International Property Consultants Pte Ltd, the parent company, is "totally separate in business" from SLP Scotia Pte Ltd.
Lim adds that “SLP International Property Consultants Pte Ltd has a paid-up capital of $4 million and continues in all aspects of its business operations with no interruption. We are still very much in operation with the latest JTC tender secured, 29 existing projects and more coming in for our associates in 2021.”
Over the past 12 months, all the deals brokered by the agents at SLP Scotia were managed by SLP International, according to Tan.
SLP Scotia was formed in August 2017 from the merger of two associate companies, namely SLP Realty and Scotia Real Estate. Following the merger, SLP Scotia became a wholly-owned subsidiary of SLP International. While SLP Scotia’s focus was primarily in the residential market, SLP International focused on the strata industrial and commercial space.
Read more: SLP and Scotia announce merger
The controlling shareholders of SLP International are Kain Sim, chairman of the board at ZACD Group, and Stanley Yeo, ZACD’s CEO and executive director. The duo, who are also husband and wife, in 2011 co-founded ZACD, which was listed on the Hong Kong Stock Exchange in 2018. The duo also founded SLP International in April 2003 to engage in real estate agency business.
SLP International started as a boutique agency specialising in industrial services before the firm transformed into a regional company offering both consultancy and agency services.