Advancer Global (43Q:SES), an integrated services provider offering workforce solutions and services in Singapore, announced that its subsidiary Newman & Goh Property Consultants Pte Ltd has entered into a sale and purchase agreement to acquire PropNex Property Management Consultants.

Newman & Goh was founded in July 1986 and is mainly engaged in the provision of property consultancy, property and facilities management services for residential, commercial, and industrial properties in Singapore. Other services include property valuation, investment sales as well as property agency services. The group acquired 76.0% shareholding interest in Newman & Goh in September 2016 as part of its expansion plans into the facilities management business.

PropNex Property Management Consultants was incorporated in Singapore in 2008 and is a subsidiary of mainboard-listed PropNex Limited. The principal business of the company is in property management services.

The acquisition is expected to strengthen the group’s current facilities management business and to allow the group to gain a stronger foothold in the Singapore market.

Gary Chin, group CEO of Advancer, said, “PPMC is a service-oriented and performance-driven company which gels well with Newman & Goh. The group will continue to operate professionally with integrity and will strive to continue serving the needs of PPMC’s existing clientele by incorporating value-added services from our unparalleled range of offerings. The expanded portfolio will also further strengthen Newman & Goh’s market presence in the Integrated Facilities Management arena.”

The total cash consideration of the acquisition is SGD 1.02 million (USD 763,880).

Advancer Global operates through two main business divisions: Employment Services, and Facilities Management Services. Last month, the group invested in Eazable, a Singapore-based company involved in the development of e-commerce applications.

In August 2020, the group reported revenue for the half year ended 30 June 2020 of SGD 27.6 million (USD 20.1 million), a fall of 19.7% compared to the same period last year.