SINGAPORE (Feb 11): APAC Realty said it is making headway in its Southeast Asia expansion plans.
In Indonesia, the group has partnered with current ERA Indonesia CEO, Darmadi Darmawangsa, and the management team, to fund the acquisition of the Indonesia country master franchise operations from its current shareholders.
In Thailand, the group has entered into a strategic cooperation agreement with Voradet Sivatachanon, CEO and Managing Director of Thailand’s master franchise operations, to collaborate on the growth and development of the real estate brokerage and franchise in Thailand.
ERA Indonesia and ERA Thailand were established more than 25 years ago and are two of the group’s longest running franchises in Asia.
Jack Chua, CEO of APAC Realty, says, “The latest developments in Indonesia and Thailand are a continuation of steady inroads that APAC Realty has made in deepening our regional business presence. These demonstrate the effectiveness of our strategic expansion plan that is built on the strength of the ERA global franchise network and the flexibility of the master franchise model, which enables us to grow our regional network and presence in a capital-efficient manner.”
Shares in APAC Realty last traded at 50 cents on Friday.