ERA may be re-listed on SGX as pure-play firm
SINGAPORE'S biggest real-estate group, ERA, was sold to private-equity firm Northstar for over $100 million yesterday, but will aim for a re-listing on the Singapore Exchange (SGX).
A group of senior ERA executives - led by Mr Jack Chua, a veteran in the Singapore real-estate industry - will also invest a stake in the company.
Mr Ashish Shastry, chairman of Realty Partners Group and managing partner of Northstar, said in a statement that "we aim to re-list ERA as a 'pure-play' real-estate brokerage firm on the Singapore Exchange within the next two to three years".
He added: "Jack has done a great job building the ERA business and we are privileged to partner with him. We support Jack's plans to upgrade the training and resources available to ERA's agents. We are also working on a share-ownership programme which will allow senior ERA agents to participate in the long-term growth of the company."
Northstar acquired ERA through Hersing Corporation - the company that Mr Chua has been with for over 20 years - in a management buyout.
ERA is the market leader in the real-estate broking business in Singapore, with over 5,100 sales agents. It completed more than 44,000 sale transactions in Singapore with a total property value of $22.3 billion last year, according to Northstar.