Cushman & Wakefield acquires Singapore's Project Solution Grp

Global property consultant Cushman & Wakefield (C&W) today announced it has acquired Singapore- based project management company Project Solution Group (PSG) for an undisclosed amount.

C&W has entered into an agreement to acquire PSG.

"This latest acquisition is aligned with the firm's global strategy to strengthen its operations in Asia Pacific," C&W said in a statement.

PSG is a leading project management and construction services provider with 14 offices across Asia. It offers interior design, project management and construction services to over 40 multi-national corporations across Asia Pacific.

PSG CEO & Managing Director Mike Harrison has been appointed as Executive Managing Director of C&W's Project Management services in Asia Pacific.

The consultant said that the acquisition, when completed, would position it as a market leader in Project Management services with one of the largest platforms in the Asia Pacific region.

Post-acquisition, C&W said it would be able to offer services like designing and full turn-key solution to global clients, in addition to the classic project management consultancy that it has been offering so far.

Commenting on the acquisition, C&W Executive Managing Director (South Asia) Sanjay Dutt: "The strategic acquisition of PSG will contribute to C&W India's project management capabilities and add greater depth and expanse to our service offerings."

The inclusion of talent from PSG would be a step forward towards propelling  C&W's project management services by creating greater value for clients, he added.

The consultant noted that there has been a recent spate in growth in demand in project management services, which include construction management and project monitoring, for ensuring a timely and budgeted delivery of their projects.

"The potential of the market can further be gauged by the fact that construction activity is estimated at approximately 750 million sq ft across office, retail and residential in the top seven cities of India alone," C&W said.

Currently, C&W India commands approximately 20% of the total project management market share.

"The assimilation of talent from PSG and the experience of the C&W team will ensure that we are perfectly poised to provide our clients with tailor made solutions and thereby augment our market share," Dutt said.