APAC Realty, a real estate services provider which operates a real estate brokerage under the ERA brand, has entered into a master franchise agreement with Australia-based real estate business Queensland 888.
The agreement is for an initial term of 15 terms commencing from Sept 1. It may be renewed for a further 15 years subject to the fulfilment of the conditions set out in the agreement.
Under the agreement, APAC Realty CLN has granted Queensland 888 the exclusive rights to operate or grant memberships for the operation of ERA member broker offices in the state of Queensland, Australia.
Queensland888 will operate its business as “ERA Queensland”. It will have an initial team of 17 agents across three offices in Brisbane. The business will be headquartered in Brisbane and led by Alex Caraco, CEO of ERA Queensland. It will focus on off-plan projects, high-end prestige properties, general residential, property management and the sale and leasing of commercial properties.
Ben Collins will also join the company as its co-director and chairman. He will oversee three offices in the Brisbane suburbs of Lutwyche, Paddington and New Farm.
“We are pleased to announce our second significant franchise agreement of 2023, opening the door for our entry into Australia – a well-established yet progressively expanding real estate market. Following our Laos franchise signing in March 2023, Australia has swiftly emerged as the next step, underscoring our commitment to fulfilling our strategic regional growth plans,” says Marcus Chu, CEO of ERA Singapore, ERA Asia Pacific and APAC Realty Limited.
“Alex is a seasoned professional with an impressive 44-year tenure in Australia’s vibrant real estate brokerage and franchising industry. Previously at the helm of Coldwell Banker Australia as CEO, his extensive connections and developer relationships in Queensland are poised to offer ERA Queensland an exceptionally fertile foundation for expansion. We are confident ERA Queensland will flourish under Alex’s leadership,” he adds.
“On behalf of my Australian colleagues, we are delighted to be a part of the ERA global family. We aim to expedite the build-out of our ERA brand in Queensland by delivering the same level of service excellence and quality advice that has established the Group in Singapore and the region”, says Caraco.
“Queensland property prices hit an all-time high in May 2022 but took a hit as the Central Bank lifted interest rates for the first time in a decade. We now expect a gradual recovery due to low inventory and a relatively positive interest rate outlook. While Queensland’s real estate market eased in terms of volume of sales over the past year, valuation has risen 15%,” he adds. “We expect the real estate market to improve further from February 2024, driven by growing demand for quality properties in regions such as Brisbane, Cairns, Toowoomba, Gold Coast, Sunshine Coast & Hervey Bay. There is a strong local demand from Melbourne, Sydney, Adelaide, and Hobart, as well as renewed emergence of strong enquiries from Asia.”
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The Queensland government is said to be in the midst of a building boom with a record four-year capital programme of A$89 billion ($77.7 million). The capital programme will directly support around 58,000 jobs, creating generational change and providing first-class facilities for all Queenslanders in 2023 to 2024.
Shares in APAC Realty closed flat at 52 cents on Sept 27.
