ERA Realty’s estimated market share in the new homes segment climbed to 29.7% in the third quarter of 2020 from 29.5% over the same period last year. Image credit: ERA
APAC Realty on Thursday (12 November) revealed that ERA Realty’s estimated market share in the new homes segment climbed to 29.7% in the third quarter of 2020 from 29.5% over the same period last year.
In Q3 2020, developers sold 3,517 private homes, up 7.2% from the 3,281 private homes sold in Q3 2019. Including executive condominiums (ECs), the number of new homes sold fell 0.7% to 3,681 units in Q3 2020 from 3,707 units in Q3 2019.
“As a preferred marketing agency for new home launches amongst leading developers, ERA marketed 21 projects with more than 5,500 units in the first ten months of 2020,” said APAC Realty in a business update.
“Underpinned by the team’s knowledge, expertise and reputation for excellence in customer service, ERA secured marketing agent mandates for 21 quality residential projects with more than 9,200 new home units to be launched in the last two months of 2020 and FY 2021,” it added.
The private residential resale market, on the other hand, saw sales increase 42.2% year-on-year to 3,530 units in Q3 2020. The HDB resale market also posted a 24.3% year-on-year hike to 7,787 units during the period under review.
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For this market segment, ERA’s estimated market share improved from 40.2% in Q3 2019 to 42.1% in Q3 2020.
For the nine months ended 30 September 2020, ERA recorded a healthy 38.8% share of the residential property market, up from 37.3% over the same period last year.
Meanwhile, APAC Realty shared that it is set to progressively relocate its corporate head office to ERA APAC Centre at Toa Payoh from Mountbatten Square from December.
The relocation will not only consolidate the group’s operations, it will also allow APAC Realty “to realise the benefits of having a centralised office”, which includes operating cost reduction as well as elimination of duplicate functions.
“With this development, the group will reclassify its investment property with a carrying value of $72.8 million to property, plant and equipment,” said APAC Realty.
“The carrying value will be the property’s cost for subsequent accounting and the depreciation charge will be approximately $1.5 million per year based on the remaining useful life of 48 years.”