APAC Realty saw net profit after tax grow 139% y-o-y to $26.1 million for 9M2021, while gross profit increased 72% y-o-y to $54.9 million.
Meanwhile, brokerage revenue more than doubled, growing 115% y-o-y to $537.0 million for 9M2021. Of this figure, $325.7 million came from resale and rental homes, while new homes contributed $211.3 million in revenue.
Other revenue stood at $6.8 million, a 19% y-o-y decline.
"The strong performance in 9M2021 was largely due to an increase in transaction volume of residential properties in the new homes and resale segments in this period, which was driven mainly by local buyers, young couples and HDB upgraders amid strong global liquidity and low interest rate environment," says APAC Realty in a Nov 12 business update.
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New homes market (including executive condiminiums) increased 45% y-o-y to 11,868 units, exceeding the 10,940 units for whole of 2020.
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Private residential resale market increased 137% y-o-y to 15,623 units.
HDB resale market also reported an increase of 35% y-o-y to 23,077 units.
APAC Realty, better known as the leading property agency franchise under the ERA brand, increased its market share from 38.7% to 40.1% of the residential property market (excluding leasing) in 9M2021.
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Shares in APAC Realty closed 0.5 cents higher, or 0.6% up, at 83.5 cents on Nov 12.
Photos: Albert Chua/The Edge Singapore
