The end of last year’s “circuit breaker” saw a release in pent-up demand for all the things Singaporeans missed most. Locals thronged cafes and restaurants in a bout of “revenge dining”, shopping malls, cruises saw “revenge spending” and, according to APAC Realty, home buyers also fuelled a wave of “revenge home ownership”.

On Feb 23, APAC Realty, owner of property agency ERA, reported earnings of $16.3 million for the FY2020 ended Dec 31, 2020, up 17.8% from FY2019. Revenue in the same period was $395.1 million, up 6.9% y-o-y. “If you look at the full-year results, it is actually a lot stronger than it looks because the first half was almost close to zero, especially in the second quarter,” Jack Chua, CEO of ERA Singapore and executive chairman of APAC Realty, tells The Edge Singapore in an interview.

The company plans to pay a final dividend of 1.75 cents per share, which will be on top of the interim dividend of 0.75 cent already paid. The total FY2020 dividend of 2.5 cents, which represents a payout ratio of 54.3%, is an improvement from the two cents paid out in FY2019.

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