SINGAPORE - Edmund Tie, founding executive chairman of the 400-strong local property consultancy Edmund Tie & Company, will retire effective Jan 1, 2019.

Mr Tie will remain senior adviser to the company and the firm will continue to be led by chief executive Ong Choon Fah, the firm said in a statement on Wednesday (Oct 17).

Mr Tie had founded Edmund Tie & company in 1995 with 12 founding partners, and in late 1999, sealed a joint venture with DTZ and Hongkong-based CY Leung, to form DTZ Debenham Tie Leung, in a move aimed at broadening global reach for all the partners involved, and Edmund Tie & Company became known as DTZ Debenham Tie Leung (SEA).

Mr Tie helped spearhead the South-east Asian regional expansion and growth including Malaysia and Thailand, though 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 homegrown local consultancy amidst 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 I to work under Edmund's leadership over the years. Edmund has also made significant contributions to the real estate industry in Singapore and the region with his vision and dedication."