APAC Realty, which runs the regional ERA real estate agency franchise, has reported earnings of $7.5 million for its 1QFY21 ended March, up 114% from the year earlier.
Revenue in the same period was $153.1 million, up 69.7% y-o-y, due to higher transaction volume of residential properties in the new homes and resale segments in the last six months.
According to the company, the demand came largely from local buyers, young couples and HDB upgraders amid strong global liquidity and low interest rate environment.
SEE:APAC Realty on the alert for shifting regulations; eyes bigger regional presence
For 2021, APAC Realty has won the mandate to help market 23 new projects with a total of 8,745 units. Out of which, 10 projects have been launched.
“The group continues to take a long-term approach to its regional expansion strategy. Covid-19 continues to weigh heavily on the real estate markets in Indonesia, Thailand, Vietnam and Malaysia,” notes the company.
“However, the group remains positive on the long-term post-Covid outlook given the established ERA brand, strong reputation and quality sales teams on the ground.”
APAC Realty shares on May 12 closed at 49 cents, up 2.08%.
