Evan Chung, managing partner of SRI Industrial, believes that next-generation artificial intelligence (AI) technology will be indispensable to property agents in the near future.
Over the past 13 years, he has focused primarily on the industrial property sector, building an in-depth database almost every industrial building in Singapore and their key attributes. He has also collated the contact information of nearly 3,000 small- to medium-sized enterprise (SME) owners.
Chung is in the process of exploring how he can make this wealth of information more accessible using AI tools, with the intention of sharing it with other SRI agents in the industrial property field.
“I choose to focus on the industrial market because it offered a good work-life balance,” says Chung. “There is seldom viewing or correspondence outside of business hours, so many industrial agents have an excellent work-life balance.”
Instead of working on the weekends, which is often the case for agents dealing primarily with residential properties, Chung’s working hours are confined to standard office hours. Another reason Chung chose to specialize in the industrial segment is due to the clientele.
“Building your real estate career with a client base comprised of SME owner will allow you to expand your net worth with your network in long run,” says Chung. Quite often, his clients have approached him with other property needs, such as purchasing investment properties, or upgrading to larger homes as their businesses expands, due to how he has proven himself as a trustworthy agent.
Over the last three years, Chung has facilitated at least three industrial land deals for a total sum of at least nine figures. (Photos: Evan Chung)
Closing above $100 million industrial land deals
Over the last three years, Chung has facilitated at least three industrial land deals for a total sum of at least nine figures.
Notably, in 2022, he orchestrated the sale of industrial land plots at 2A and 2B Mandai Estate, off Woodlands Road, previously named as BHL factories. According to market sources, Chung closed the deal for $130 million, 81% higher than the property’s initial valuation price of $72 million.
“I am sensitive to the market and I know that there is untapped potential, especially in freehold industrial land sites, if you know how to unlock it,” explains Chung. “To close such large deals, agents need to be able to advise developers on how the site can be best utilised based on existing market demand and supply so that they can realise the potential profits of redeveloping the site.”
Evan Chung sharing his knoweledge freely with other SRI agents. (Photo: Evan Chung)
Chung provided a comparative market analysis to developer, detailing the gaps he sees in the industrial property market and how he feels they can be best addressed in a new development. Compiling such a report is a long, extensive process that requires years of industry experience to execute well.
“There aren’t many agents who can bring together both landowners and developers to the negotiating table and still fewer willing to pass on the tricks of the trade to a new generation of agents. I hope to change that.”
Chung also facilitated the transaction of a freehold industrial site at 43 Jalan Pemimpin by providing a similar market analysis report. Now, the site is home to the recently launched industrial project, CT Pemimpin – a freehold B1 industrial building. Comprising 56 strata-titled units and three canteen units, the development was in such high demand that it was 100% sold out shortly after it was launched for sale.
Chung recieving a Top Sales Achiever award. (Photo: Evan Chung)
Building expertise from the ground up
Chung’s insight into the industrial sector is based on his deep understanding of the needs of end-users. He regularly meets with industrial SME owners to keep pace with their ever-changing needs.
In his career, he has assisted a variety of clients, from helping them rent their first industrial premises to facilitating the purchase of factory assets valued at more than $10 million. “It is always a rewarding experience when my business grows with my customers.”
“I try to meet at least two SME bosses every day,” says Chung. “This allows me to better understand the different needs of up to 10 businesses a week, or over 500 businesses a year, across industries and stages of growth.”
This makes him very sensitive to market needs and trends, says Chung. Therefore, when a valuable opportunity arises in the market, he is able to seize it quickly.
On the other side of the equation, Chung became intimately familiar with the different specifications of most industrial buildings even before he became a property agent.
“I used to sell photocopiers to small businesses in 2009,” recounts Chung. “I would knock on doors in industrial areas such as Tuas every day to build my network of clients. From there, I learned why some industries occupy certain buildings.”
Now, he is able to reflexively recommend properties on the market that fit the business needs of his clients from strata title properties to big landed properties like JTC properties — However, once real estate agents are armed with his wealth of knowledge, and equipped with AI-powered tools, closing deals will become much easier.
Chung with other SRI agents. (Photo: Evan Chung)
Sharing expertise with 1,500 agents
Rather than building a team of agents solely focused on the industrial market, Chung – as a managing partner at SRI – sees himself as a subject matter expert within the SRI family, providing mentorship and guidance to all its 1,500 agents.
“SRI offers a supportive structure for agents, allowing them to specialise in a chosen market segment or expand their focus to break into a different segment,” explains Chung. “SRI is a platform that provides agents with the opportunity to work with different specialists on other market sectors, such as landed properties, new launches, commercial, industrial, international and even auction properties.”
He commends SRI’s collaborative and open culture of sharing, co-broking and continuous learning. Naturally, Chung sees a significant value-add for agents who have dabbled in other market segments to expand their scope to include industrial properties.
(Photo: Evan Chung)
Now that Chung has found resounding success in his field, he hopes to take a step back from directly brokering deals, opting instead to guide younger agents in the lucrative market. “I’m looking for self-motivated individuals who can seize the opportunities out there,” says Chung. “I can show them how to close a variety of deals, from leases for single units to multi-million-dollar deals. The only limitation I see is their own drive.”
Agents looking to join Chung do not need prior market knowledge.
“I walked the ground for years, so my agents don’t need to,” quips Chung. “With the advent of AI, I can condense my experience accumulated over years of walking the ground into a matter of months.”
For more information,
Contact Evan Chung | 86611666
MANAGING PARTNER (R028973Z)
SRI INDUSTRIAL PTE. LTD.
