Accelerating on the back of a strong primary-market cycle, APAC Realty’s brokerage commission income in FY2025 reflected double-digit revenue growth and a marked shift in transaction mix toward developer-led new home sales, as a robust launch pipeline helped offset softer resale and rental conditions across Singapore’s housing market. Full-year revenue rose to S$675.6 million, up 20.4% YoY, underscoring the scale of the rebound.
Riding a strong primary-market upcycle, APAC Realty saw double-digit commission growth as new home sales offset softer resale and rental activity.
Commission income, derived from transactions spanning resale, rental, and residential, commercial, and industrial brokerage, was increasingly anchored by fees tied to new residential projects marketed on behalf of developers, where higher margins were anticipated as new sales volumes scaled.
Market conditions supported this mix change, with the new private residential market launching 7,423 uncompleted units, lifting transaction volumes in new private homes, including executive condominiums, even as private residential price growth moderated.
While HDB resale activity softened, this was partially compensated by private resale and, more materially, by primary-market demand, including healthy take-up in Core Central Region projects despite a 60% Additional Buyer’s Stamp Duty rate for foreigners. The stamp duty environment contributed to a broader market shift from investor speculation to citizen owner-occupation, with new launches now primarily attracting Singapore citizens and permanent residents.
Government land sales were viewed as sustaining new-launch momentum into 2026, extending a cycle in which primary supply availability, rather than resale liquidity, shaped brokerage conversion.
Profitability strengthened alongside this volume shift, with gross profit rising 39.6% year-on-year from S$50.1 million in FY2024 to S$70.0 million in FY2025, consistent with a larger contribution from new home transactions.
Net profit for FY2025 was estimated at S$19.6 million, and broader projections indicated an 85% CAGR in net profit over FY2024–FY2026F, with the earnings rebound attributed to a recovering launch pipeline and improved results from ERA Vietnam operations.
Beyond brokerage, reported segment lines included rental income from properties, workstations, lockers, and furniture, as well as other income from incentives, referrals, insurance, and conference-related activities.
Regionally, revenue benefits were supported by expansion initiatives in Indonesia and Vietnam, including acquisition-led scale in Jakarta through ERA Sky and ERA Fajar.
The balance sheet remained cash generative and asset light, with retained earnings of S$65.6 million and cash holdings of S$47 million as of 30 June 2025, alongside a proposed final dividend of 1.8 cents per share and market expectations for a materially higher yield should a special dividend be declared. Analyst consensus stood at OUTPERFORM, with an average target price of S$0.7267 against a last close of S$0.6500.
FY2026 forecasts pencilled in revenue of S$775 million and net profit of S$25.2 million, implying 28.6% growth.
