This article first appeared on The Business Times : https://www.businesstimes.com.sg/singapore/smes/propertybank-small-team-big-deals-singapores-real-estate-market
While real estate consultancy PropertyBank may be boutique in size, its client base and portfolio are anything but.
Though smaller agencies tend to focus on residential and capital markets, PropertyBank has carved out a niche in commercial and in- dustry property: handling leasing, sales, management and investment strategies for businesses, landlords, family offices and institutional investors.
Since its founding in 2010, PropertyBank has inked S$450 mil- lion worth of deals across over 300 properties, spanning a total of 5 million square feet. This translates to an annual average of over 20 deals, worth over S$30 million.
Though the company suffered steep losses in the pandemic year of 2020, revenue and profit have since recovered.
Revenue rose 10 per cent in 2021, 40 per cent in 2022, and 20 per cent in 2023.
In 2024, revenue grew another 40 per cent, and is now easily double that of pre-pandemic levels, PropertyBank founder and executive director Edith Tay told The Business Times. Profit has also risen into the six-figure range, though she declined to reveal specifics.
Tay credits this growth to her stable team of just five people, including herself. Though small in size, the team is deeply experienced and diverse, each bringing distinct strengths, she said.
Bridging the gap
PropertyBank was born out of a gap that Tay saw in the market, after having done stints at larger real estate consultancies.
“Departments were deeply specialized by sector, (mainly working in silos) and not in the way that I feel clients should be served,” she said.
For instance, as part of a consultancy’s industrial and logistics team, Tay once leased out an industrial building for a landlord she knew well. But when it came to sell- ing the asset, the client was hand- ed off to a separate capital markets team, hindering the continuity of client relationships.
This is where PropertyBank differs from its larger competitors, said Tay: in giving clients holistic, long-term support with a single touch point, whether they are expanding, downsizing or divesting.
“For example, an e-commerce company may start off in a co-working space as a startup, (then scale up to) a proper office to attract talent, and perhaps a fulfillment centre later on,” she explained. “Beyond that, they could even look into leasing the entire building fully…
“Being able to handhold them at each stage, to me, is very important.”
PropertyBank’s clients range from publicly listed companies and private businesses, to embassies and professional bodies. The consultancy works closely with landlords such as CapitaLand, ESR, Mapletree and Boustead, among others.
Property department-as-a-service
While PropertyBank began as a brokerage, it is now developing the concept of a “Property department-as-a-service”
Tay believes that just as businesses engage third-party human resources or accounting services, they can do so for real estate services, too. PropertyBank can pro- vide strategic support, especially for occupiers lacking in-house expertise.
“Companies fail to plan their re- al estate needs,” said Tay. Yet, real estate decisions can shape a busi- ness’ growth, costs and productivity.
That is where PropertyBank can play a role in guiding strategic choices. “We aim to offer (regular updates and) check-ins before the need arises…
“That way, we’re not just called in ad hoc when something urgent happens, but (we’re) an embedded partner that companies can rely on continuously.”
Though the global economic climate means challenges ahead, these can be turned into opportunities, said Tay.
Amid current uncertainties, some large companies occupying multiple floors may scale down, she said. “With headcount reductions, they’ll need to do something with that extra space – usually, find a replacement tenant.”
Such “shadow space” is already fitted out and ready for immediate occupancy. “We have tenants actively looking for (such spaces),” she said. “For next year, I see there will be more offerings coming onto the market.”
Tay is also confident that once the market settles, business will quickly rebound. “From past experiences, even when the economy is down, there are always good picks out there for the right clients.”
PropertyBank itself intends to quadruple its current staff strength of five people within the next one and a half to two years. Said Tay: “We are complete to serve the different markets, and it’s time for our next leap (in scaling up).”
This expansion will allow it to serve a larger client base, she add- ed. “We already have our frame- work in place. The only way is up.”
