SINGAPORE (Feb 18): As Singapore experiences the effects of the property cooling measures, listed real-estate agency APAC Realty, better known for operating under the ERA franchise, is now looking overseas to diversify from the Singapore property market. In an announcement on Feb 11, APAC Realty showed its intention to expand to Indonesia and Thailand by teaming up with local partners to buy its franchisees in those two markets.
The announcement on Feb 11 came right after rumours of yet another coup in Thailand, ahead of scheduled elections next month. “The Thai property market is very active now; property prices are still cheap for foreigners. We feel that we are able to add value to the property market; if we can open up this new marketing division, we can rake in the profits,” says Jack Chua, CEO of APAC Realty, in an interview with The Edge Singapore.
To be sure, APAC Realty’s move into Thailand and Indonesia is something the company had in mind even before its IPO in September 2017. Expanding overseas was a key growth plan. Last August, APAC Realty announced the move to form ERA Hainan, focusing on China’s southernmost province. For the Hainan joint venture, APAC Realty holds a 40% stake, with two other partners holding 40% and 20% respectively.