The founding executive chairman of the 400-strong local property consultancy, Edmund Tie & Company, will retire on Jan 1.

Mr Edmund Tie will remain as a senior adviser and the firm will continue to be led by chief executive Ong Choon Fah, the company said yesterday.

Mr Tie founded Edmund Tie & Company in 1995 with 12 partners and, in late 1999, sealed a joint venture with DTZ and Hong Kong-based CY Leung to form DTZ Debenham Tie Leung.

The move, which was aimed at broadening the firm's global reach, involved Edmund Tie & Company becoming known as DTZ Debenham Tie Leung (SEA).

Mr Tie helped spearhead the firm's South-east Asian expansion, including in Malaysia and Thailand.

He stepped down in 2002 as chief executive of DTZ Debenham Tie Leung (SEA), while remaining executive chairman.

In 2016, he led a management buyback of equity from DTZ International and then relaunched the firm as Edmund Tie & Company (SEA), remaining as chairman.

Mr Tie said in the statement: "It has been an honour and privilege to journey with all my colleagues in this fulfilling task of jointly contributing to the growth of ET & Co over the last 23 years as a formidable and successful home-grown local consultancy amid stiff competition from the global players.

"But we made it - thanks to the support of our clients and business partners, collaborative team efforts and hard work from all shareholders and staff alike."

Ms Ong said: "It has been a privilege for my colleagues and me to work under Edmund's leadership... Edmund has also made significant contributions to the real estate industry in Singapore and the region with his vision and dedication."