SINGAPORE (June 10): Listed real estate agency APAC Realty, which operates the ERA brand, said that real estate market transactions “plunged” in the months of April and May due to the circuit breaker measures, which ended on June 1.
Despite the “unprecedented challenges”, the agency achieved a healthy 39.8% share of the residential property market in 1Q20 ended March, up 1.9% compared to the 37.9% in 1Q19.
In its 1Q20 overview, ERA’s market share for new private homes and executive condominiums increased 5.2% y-o-y to 34.8%. Its market share for resale private homes and HDBs edged up 1.2% y-o-y to 41.4%.
On its investment property arm, APAC Realty has received rental rebates from the landlord of Mountbatten Square for May and June related to the 30% property tax rebate (for offices) granted by the Inland Revenue Authority of Singapore (IRAS) to the landlord.
ERA APAC Centre has achieved full occupancy since December 2019. The property tax rebate received from the government will be given out as rental rebates to the tenants for May and June as well.
The agency says it has prepared its sales people for a post Covid-19 world, with digital skills through technology training sessions, seminars, and its proprietary Ultimate Agent Training courses.
APAC Realty shares closed 0.5 cents higher, or 1.2% up, at 42 cents.
