Singapore's APAC Realty Seals Property Deal with Philippine-Based Firm
APAC Realty, an established Singapore-based real estate services provider, has sealed a partnership with the Philippines’ Upper Room Realty. The deal, which forms ERA Philippines, is set to expand the regional network of resources in investments, brokerage, and vital services as valuations.
The expansion of real estate company ERA to Manila marks the 13th country in its Asia-Pacific portfolio, and 40th across the globe.
“We envision the Philippines not only as a thriving market, but also as a global trading post, connecting diverse economies and cultures,” Bobby Kok, chief agency officer of ERA Philippines, said. “We are fully committed to leveraging this opportunity to create a dynamic global marketplace.”
ALSO READ
The Philippine franchise will initially focus on residential developments, including condominiums, apartments, strata townhouses, and house and lots, according to ERA. But plans to eventually cover commercial and industrial property segments are also underway.
“Right now, we’re focusing on Metro Manila. But because there are foreign markets in areas like Pampanga, Cebu, and Davao, we’re going to quickly expand our listings in those areas,” Kok said.
ERA Philippines is bullish about growing its number to at least a thousand in three years’ time. With this, it plans to start hiring agents soon to level up its operations.
“There is a continuous supply of new brokers and agents in the Philippines. We expect to grow in number through local institutional partnerships by conducting online seminars for new sales agents—keeping them updated with the market [as well as] government compliances—and by using the tools and technology of ERA,” ERA Philippines’ chief executive officer Johann Garcia said in an interview.
Under the deal, Upper Room Realty will also be allowed to utilize ERA’s broker offices for its operations in Metro Manila for an initial 15-year period. The partnership between the two realty firms was made official on Saturday, May 4.
