ERA Realty Network, the largest real estate agency in Singapore, has been sold to Indonesian private equity firm Northstar Group for over S$100 million, months after owner Harry Chua put it up for sale.
According to media reports, the master franchise rights to the ERA name in Asia Pacific was sold for less than the S$150 million price tag that Chua’s Hersing Corporation is said to have asked for.
Sources revealed that final tweaks to the deal are being done and will include Singapore franchise rights to Coldwell Banker, which is currently a dormant business here. Both Coldwell Banker and ERA are owned by US brokerage Realogy Holdings Corp.
ERA employs more than 5,000 agents in Singapore, making it the largest agency in terms of agent numbers. It also handles billions of dollars’ worth of deals annually, which makes up a large part of Hersing’s profit.
Source : PropertyGuru – 5 Aug 2013