SG ERA for sale at S$200 million
Property Here - Tuesday, June 18, 2013
The ERA Real Estate network throughout Asia Pacific is for sale with a price tag of S$200 million, according to media reports on Monday.
The Wall Street Journal, citing sources with knowledge of the situation, reported that Singapore-based Hersing Corp., which owns the franchise rights to the brand in 18 countries throughout the region, including in Malaysia, Thailand and Indonesia, has lined up five potential buyers for the business.
ERA is Singapore’s largest real estate agency with more than 5,100 real estate agents, according to data from the Council for Real Estate Agencies. It has more than 9,000 agents throughout the Asia Pacific region.
This latest news isn’t a surprise to real estate market watchers. Last month media reports surfaced indicating Hersing’s Chairman, Harry Chua, was touting the business with a S$150 million price tag.
Chua, a real estate industry veteran, established ERA in Singapore in 1982.