APAC Realty's revenue drops 3.2% YoY to $523.9m in 9M22

The decline in sales across markets dragged revenue down.

APAC Realty, which owns ERA Realty, saw its revenue fall by 3.2% YoY to $523.9m in the first nine months of the financial year 2022 (9M22).

The decline was likely on the back of decreases in its new home brokerage and resale and rental brokerage revenues which fell by 0.6% to $210.1m and 4.8% to $310.2m, respectively.

In a bourse filing, the real estate service provider also reported that sales of new homes and resale units both fell in 9M22.

New home sales, including Executive Condominiums, decreased 43% YoY to 6,761 units. 

Meanwhile, the private and HDB resale markets fell 23.9% YoY to 11,893 units and 7.7% YoY to 21,299 units, respectively.

Of APAC Realty's total residential transactions, 40.1% or 16,037 units were from ERA Realty.

Compared to 9M21, the latest figure for ERA's total transactions fell by 21.1% YoY.