APAC Realty, which runs the ERA property agency franchise, has reported earnings of $5 million for its 1HFY2023, down 70% y-o-y. Revenue in the same period was down 24.2% y-o-y to $259.6 million
“The Singapore property market continues to deal with the consequences of the April 2023 cooling measures and the high interest rate environment," says CEO Marcus Chu (picture).
"Whilst these combined unfavorable factors led to a decrease in property transactions during this period, we continue to maintain a strong foothold in our operating markets with close to 40% share of the market in 1H2023,” he adds, referring to the total of 9,053 transactions handled.
Revenue from resale and rental properties declined 8.2% y-o-y to $182.7 million, while revenue from new home sales also declined 47.4% to $73.3 million.
The company plans to pay an interim dividend of 1.1 cent per share, representing a payout ratio of 78%, which is in line with its policy of distributing between 50% and 80% of profits as dividends on a semi-annual basis.
As of Aug 14, ERA has been appointed as the marketing agent for 27 new home projects with more than 10,200 units launched and to be launched in 2023.
See also: Trump wins Republican nomination, setting up rematch with Biden
These projects include the 360-unit Altura, an EC development by Qingjian Realty and Santarli Construction; 306-unit LakeGarden Residences by Wing Tai; 105-unit The Arden, a condominium project by Qingjian Realty; 78-unit Orchard Sophia by DB2Land; and TMW Maxwell, an integrated commercial-residential project by a consortium of developers.
APAC Realty shares closed at 59 cents on Aug 14, down 2.5% for the day, and down 0.85% year to date.
