APAC Realty : CLN 0% is expanding into the Philippines through an ERA franchise agreement with Upper Room Realty for Manila.

The real estate services provider, which operates a brokerage in Singapore under the ERA brand, said Upper Room has the right to operate or grant memberships to operate ERA member broker offices in Metro Manila for an initial 15-year term with effect from May 4.

Apac Realty has the option to buy up to 20 per cent of the shares in Upper Room at an agreed-upon price determined by an independent valuer within three years from the franchisee agreement date.

Upper Room has the option to be granted exclusive extension to the rest of the Philippines, subject to additional fees and certain conditions.

The Philippines is the 13th country in ERA Asia Pacific’s portfolio and the 40th under the ERA global umbrella, Apac Realty said in an announcement on Tuesday (Apr 23).

Upper Room will establish ERA Manila and an office at Century Spire Tower in the central business district of Makati, Manila.

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ERA Manila will be overseen by Wealth Bourne Larida Gillego, who will be chairman, alongside Arnel Almo Dela Rosa, a lawyer and certified public accountant specialising in the property sector. Dela Rosa will serve as president.

ERA Manila will recruit up to 1,000 salespersons in the first three years.

“We will focus on the residential market in the first instance, working closely with local developers within our established network – such as Rockwell Land, Arthaland Corporation, SM Development Corporation, Robinsons Land Corporation and Century Properties,” said Gillego.

“We will also focus on Metro Manila’s strong resale market which continues to be driven by healthy demand from local homebuyers,” he added.

Shares of Apac Realty closed at S$0.435 on Tuesday, down S$0.005 or 1.1 per cent.