Cushman & Wakefield’s Dennis Yeo set to play in the ‘premier league’

/ EdgeProp Singapore
June 14, 2019 1:58 PM SGT
Having joined Cushman & Wakefield (C&W) in mid-December last year as chief executive for Singapore and Southeast Asia, Dennis Yeo believes the firm is ready to compete in the “premier league” and become the top real estate services firm in the region.
For now, C&W ranks third among the global real estate advisory firms. Listed on the New York Stock Exchange (NYSE) in August 2018, it had a market capitalisation of US$3.86 billion ($5.27 billion) as at June 11, with FY2018 annual revenue of US$8.22 billion.
The world’s biggest and second biggest corporate real estate advisory firms today are CBRE and JLL respectively. The NYSE-listed CBRE had a market cap of US$16.71 billion at June 11, with annual revenue of US$21.34 billion as at end-FY2018. The NYSE-listed JLL, on the other hand, had a market cap of US$6.10 billion at June 11, with annual revenue of US$16.32 billion as at end-FY2018.
Yeo: We are ready to compete in the premier league and become the top real estate services firm in the region (Credit: Albert Chua/EdgeProp Singapore)
In 1Q2019, CBRE’s total fee revenue made up US$2.43 billion. Meanwhile, at JLL, fee revenue for 1Q2019 was US$1.32 billion. Over the same three-month period from January to March, C&W’s total fee revenue was US$1.37 billion.
The biggest contributor to fee revenue for C&W in 1Q2019 was property and facility management at US$707 million or 51.5% of the total. Leasing contributed US$373 million (27.2%), followed by capital markets with US$191 million (13.9%).
The Asia-Pacific region accounted for US$251 million (18.3%) of C&W’s fee revenue in 1Q2019, and was second only to the Americas, which contributed US$937 million (68.3%). EMEA (Europe, the Middle East and Africa) generated US$184 million or 13.4% of total fees in 1Q2019.

‘Untapped potential’

At C&W, Yeo’s focus is on growing the transactional business, namely leasing and capital markets, both in Singapore and Southeast Asia. He intends to position Singapore as “the centre of excellence” for the region in terms of leasing, sales and capital markets.
He is also looking at extending the scope and strengths of C&W Services’ integrated facility services, engineering solutions and energy management to a wider client base across multiple sectors.
Prior to joining C&W, Yeo was the managing director for industrial...