APAC Realty CLN , which runs the ERA property agency franchise, has reported earnings of $7.6 million for the nine months ended Sept 30, down 68% y-o-y.
Revenue for the same period was down 23% y-o-y to $405.5 million, compared to $527.5 million last year.
For the 9MFY2023, transaction volumes for new homes — excluding executive condominiums (ECs) — private resale and rental, and HDB rental have all declined compared to last year.
Overall private housing prices increased by 0.8% in 3Q2023 alone, with prices climbing 3.9% in the first nine months of 2023.
APAC Realty notes that HDB resale prices continue to increase but at a marginally slower pace. As at end-September, prices had increased by 3.8%.
While the HDB rental market reported an increase of 20% in transaction volume for 3Q2023 as compared to the corresponding period last year, the increase in transaction volume for the first nine months of 2023 is lower at 6% compared to the same period in 2022.
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