APAC Realty holds the exclusive ERA regional master franchise rights for 17 countries and territories in Asia Pacific, including Singapore, Australia, China, Indonesia, Japana, Korea, Malaysia, Philippines, Taiwan, Thailand and more.
Listed on the SGX in September 2017, APAC Realty currently has 24,671 advisors operating out of 623 offices in 13 countries. In Singapore, ERA Realty has been around for over 40 years – having been established in 1982.
Today, ERA Realty has over 8,800 advisors providing property brokerage service, and is incorporating the latest proptech into its operations, including proprietary apps such as Sales+ and RealtyWatch, allowing its agents to provide best-in-class advice and service to customers.
For those interested in Singapore’s property market, and want to gain exposure to it, here are 5 things to know about APAC Realty.
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#1 Can You Provide An Overview Of APAC Realty’s Performance?
APAC Realty has consistently proven our resilience through multiple property market cycles, including the global financial crisis, multiple cooling measures, and COVID-19. In FY2024, despite high interest rates and transaction headwinds, ERA Singapore retained a strong 39.9% market share in sales transactions.
In FY2024, APAC Realty recorded $561.0 million in revenue with an 8.9% gross profit margin, and a net profit of $6.5 million, indicating resilience despite market volatility. We declared a final dividend of 1.2 Singapore cents per share, representing a payout ratio of 78.7% (including interim dividend of 0.9 cents). This is in line with the Group’s dividend policy of distributing 50%-80% of profits as dividends on a semi-annual basis.
We have a robust pipeline of 29 upcoming residential projects in Singapore, representing over 15,000 new homes launched and expected to be launched in 2025. The Group has also continued to generate positive operating cash flow and maintained a healthy cash position of S$40.0 million as of 31 December 2024.
#2 Based On Current Market Observations, Do You Anticipate The Upward Trend In Property Launches To Continue In 2025?
We anticipate the positive momentum in project launches to continue this year. In fact, in the first 4 months of 2025, the number of new project units sold have exceeded more than 60% of the number of new project units sold in 2024.
To date, ERA Singapore has launched 11 key projects from our secured pipeline of 29 projects, representing around 15,000 new home units across Singapore’s Core Central Region, Rest of Central Region, and Outside Central Region. Recent launches like The Orie, Bagnall Haus, Parktown Residence, Elta and Lentor Central Residences achieved take-up rates between 63% and 93%.
Looking ahead, there will be 18 upcoming projects with close to 8,600 units to be launched in the coming months. New home sales are also projected to rise to 8,500 – 9,500 units in 2025.
While macroeconomic uncertainties remain, the gradual supply recovery, developers’ renewed confidence, and sustained buyer interest are expected to drive launch activity. This positions ERA to capture opportunities and strengthen its market leadership.
#3 What Are Some Challenges For APAC Realty In The Real Estate Market?
While we operate in a dynamic property market, we believe that we are well-positioned to navigate challenges such as property cycles, regulatory changes and competition for talent. Cooling measures and market fluctuations may impact transaction volumes, but our Group’s strong brand, diversified revenue streams, and regional expansion help mitigate these risks.
APAC Realty views its agents as its greatest asset, that is why we invest heavily in their growth through ERA Academy training, leadership programmes, and cutting-edge digital tools like the SALES+ platform.
Rather than seeing industry consolidation as a threat, the Group sees it as an opportunity to attract, upskill, and empower a new generation of top-performing advisors, ensuring continued market leadership.
#4 What Impact Would A Change In Interest Rate Have On The Group’s Businesses, And How Is It Managing This Risk
Interest rates impact different property segments in different ways. For new home projects, the effect is more muted due to the progressive payment scheme, which spreads out financing over the construction period. However, in the resale market, buyers feel the impact more directly and immediately, as they need to secure full financing upfront.
To manage this risk, APAC Realty maintains a diversified revenue base, with strong contributions from private resale, HDB resale, leasing, which accounted for over 75% of transaction value in 2024.
Our capital-light franchise model, strong balance sheet, and consistent cash generation provide resilience. By investing in agent productivity and regional expansion, we ensure that we can navigate different market cycles effectively.
#5 What Is APAC Realty’s Value Proposition To Its Shareholders And Potential Investors? What Do You Think Investors Have Overlooked?
APAC Realty offers investors a resilient and cash-generative business anchored by strong leadership in Singapore and a growing Southeast Asia footprint. We believe that we are positioned to benefit from a rebound in transaction volumes, a strong new project pipeline in 2025, and lower mortgage rates that support buyer demand.
Our diversified model across different property segments, non-brokerage services such as training and valuation provides stability through property cycles. Analysts project potential for earnings to double over FY24–26, yet we trade at valuations of 15x historical P/E with high dividend yields. Investors may also often overlook the scalability of our capital-light ERA franchise network and our first-mover lead in PropTech innovation with SALES+, which position us well for sustainable long-term growth.
Our growth roadmap focuses on strengthening ERA’s presence in high-potential Asian markets. With 590 offices and 24,740 salespersons across the Asia Pacific as at end-2024, we are building on a strong foundation. We aim to replicate our success in Singapore by empowering regional partners with ERA’s brand, proprietary technology like SALES+, and structured agent training.
We will also continue to strengthen our regional presence by expanding into high-growth markets. Our entry into the Philippines, alongside our growing presence in key markets such as Vietnam and Indonesia, underscores our commitment to creating scalable opportunities for agents and investors. Through these strategic partnerships, franchise arrangements and acquisitions, we are deepening our foothold in the region while maintaining our focus on delivering value-driven brokerage services. Tailored local strategies and investments in leadership talent will drive deeper market penetration and build a strong regional ecosystem.
Editor’s Note: Some answers for this article were extracted from the SGX 10 in 10 series published on 25 March 2025 and republished with permission. You can read more APAC Realty (SGX: CLN) on the SGX website.
You can also read other featured companies from SGX’s 10 in 10 series on the DollarsAndSense website.
