ERA Sets A Record High Of Commission Receivables For Both HDB And Private Residence Resale Sectors Since January 2014

Singapore, 21 April 2016 –

• ERA announced impressive month-on-month increases during its Q2 Career Advancement Day.
• Singapore’s largest property agency gathered feedback on the cooling measures.
• Under the witness of Minister for National Development Lawrence Wong, ERA launched a new scholarship initiative to groom potential talents in property industry.

Despite a challenging environment, Singapore’s largest real estate agency, ERA Realty Network (ERA) has managed to set a record high of commission receivables for both HDB and private residence resales in March 2016. The agency shared this milestone with attendees of its Q2 Career Advancement Day, held today at NTUC Centre Auditorium.

For the month of March, the agency registered a 64% increase in commission receivables for HDB resales, 26% higher than market increase; and a 73% increase in private resale, 36% higher than market increase.

ERA’s top 50 salespersons also managed to hit an average income of S$92,000 in just a month, which equals to a 72% increase from February 2016.

This feat comes hot on the heels of the Budget 2016 announcement, which did not include any measures to rejuvenate the property sector. The absence of measures was met with disappointment amongst industry players and home owners looking to invest in properties. The new record is evidence that there are still lucrative opportunities for property agents even though the industry is experiencing a bullish climate.

Mr Marcus Chu, Chief Operating Officer of ERA, says, “Teamwork is the key ingredient to our success. As Singapore’s largest real estate agency with 6,100 salespersons, we have the resources and assets to offer our customers top deals and close transactions efficiently. We continue to empower our salespersons by upgrading their knowledge and skill sets. For example, IMPACT, a series of continual training sessions, invites thought leaders in respective fields to share their expertise with ERA’s property agents.”

“One of our salespersons, Melissa Tan, recently received compliments from Council for Estate Agencies (CEA) for her outstanding service. We are very proud to see our salespersons remain highly regarded in today’s market. They go the extra mile to provide top-rate services to their clients.”

Mr Chu also credits ERA’s incentive programmes as another success factor. As an agency with a vast network of partners, ERA can tap on the complementary strengths of these associations. Recently in March 2016, top achievers were sent to the ERA International Business Conference 2016, held in Orlando, USA. ERA is the only real estate agency in Singapore that offers agents the opportunities to attend international conferences.

To date, ERA has executed marketing launches for over 200 international and local residential projects. “In March, ERA has managed to hit 476% and 395% increases in Executive Condominium (EC) and private project sales respectively, and that is largely due to the high level of trust our partner developers have in us. Amongst the projects we have undertaken include Bellewaters, Cairnhill Nine, Kingsford Hillview Peak, The Wisteria and Wandervale. These projects cover different estates in Singapore, attesting to our national presence as well as expertise in Singapore’s key districts,” says Ms Doris Ong, Chief Operating Officer of ERA.

ERA Echoes Government’s Action to Continue Monitoring the Property Market Closely

During Chief Executive Officer of ERA, Mr Jack Chua’s opening speech, he echoed governement’s action to keep a close track of the property market, and be prepared to respond to policy changes when needed.

“We have gathered feedback from the ground. For many Singaporeans, it is a dream and goal to own a second property in Singapore. To build a recurring rental income stream, many choose to rent out their spare rooms or properties. This income in turn is used to offset the high living costs and also to build a nest egg.”

Currently, a married Singaporean couple is entitled to an ABSD refund when purchasing a second property. However, the couple still has to pay the ABSD first. A refund is only valid when a certain set of conditions is met.

Also, many home buyers take up a loan to finance their home purchases. When the ABSD of 7% is factored in, their Total Debt Servicing Ratio (TDSR) becomes infavourable. TDSR is a technique used by banks to assess loan applicants and their financial abilities. With this added tax burden, many eager home buyers no longer make the cut.

In turn, many Singaporeans have turned to unorthodox measures such as de-coupling — releasing of one individual’s name from the lease so that he can purchase a second property — to circumvent the ABSD.

Launch of Real Estate Scholarship Initiative under the Witness of Minister for National Development

Under the witness of Minister for National Development Lawrence Wong, ERA also launched a new scholarship initiative aimed at grooming potential talents in the property industry.. This scholarship aims to support and encourage ERA’s family of employees, salespersons and customers to pursue further studies in local institutions.

The first scholarship was awarded to Mr Seow Chze Kuan, who came from a humble family. His mother is a chamber maid and his father is a gardener. He joined ERA as a salesperson to earn and save for his university school fees. Mr Seow will further his study in the Department of Real Estate, National University of Singapore in August.

By encouraging higher education, ERA hopes to groom a generation of high-calibre performers. Buoyed by competent and knowledgeable talents, the industry stands to benefit and market performance will thrive.

ERA Career Advancement Day is a key initiative that celebrates the stellar achievements of ERA’s top property agents as well as arms them with professional skills and knowledge that will advance their career goals. Awards are given out to the Top 5 new achievers as well as Top 100 achievers for Q1 2016. Division Director promotions and appointments of Division Director are announced at the event too.