KUALA LUMPUR: Real estate agency RINA Group and its associates will merge into Juwai IQI, the owner of Juwai.com, Juwai.asia and IQI.
In a joint statement today, they said RINA and its associates' more than 1,000 agents and negotiators will become members of IQI's 9,000-person global team and will adopt the IQI brand.
RINA and its associates make up Malaysia's third-largest real estate agency group.
Founded in 2010, it has seven offices throughout peninsular Malaysia.
Its more than 1,000 agents and negotiators in 2019 closed transactions with an aggregate value of about RM1.2 billion (US$275 million).
RINA Group chief executive officer (CEO) Jordan Yeoh said by joining IQI, the group was giving its agents access to the Juwai IQI technology-enabled platform.
He said technology is already playing a much bigger role in real estate because of the pandemic, and this role will grow quickly in the years to come.
"Being part of IQI will help our agents succeed. Our agents will benefit from being able to harness the lead generation capabilities of Juwai.com and Juwai.asia to help them sell, win and offer properties from all over the world to over 3.3 million monthly users.
"They will also enjoy the supportive culture and extensive training that IQI offers," he said.
Yeoh will become IQI vice president as a result of the merger.
IQI Global group CEO Kashif Ansari said merging with RINA would further IQI's growth in both market share and transaction size.
"This merger also gives added momentum to our regional and global expansion, which has already taken us into 15 countries. We look forward to an exciting new chapter," he said.