APAC Realty is moving to take full ownership of its Indonesian real estate business, offering about US$1.6 million to acquire the remaining 9.4 per cent stake in ERA Indonesia and paving the way for the company to leave the Indonesian stock exchange.
The Singapore-listed property services group currently owns about 90.6 per cent of PT ERA Graharealty Tbk, the Indonesian master franchise holder for the ERA real estate brand. It plans to acquire the remaining 89.3 million shares through a voluntary tender offer at 250 Indonesian rupiah per share.
The proposed transaction would give APAC Realty complete control of ERA Indonesia and is part of a broader plan to delist the business from the Indonesia Stock Exchange.
The deal is expected to cost about US$1.6 million and will be funded entirely from APAC Realty’s internal resources.
The proposed buyout marks a significant change from APAC Realty’s original strategy for its Indonesian operation.
ERA Indonesia has been part of APAC Realty’s regional expansion for several years. APAC Realty first moved to establish greater control over the Indonesian franchise in 2019, when it agreed to provide funding of up to S$13.85 million for the acquisition of the ERA master franchise operation.
The Singapore company subsequently increased its ownership of ERA Indonesia and made the business a subsidiary. ERA Indonesia was itself listed on the Indonesia Stock Exchange in 2021.
APAC Realty later acquired additional shares in 2022, bringing its ownership to about 85 per cent at the time. Its stake has since increased to approximately 90.6 per cent.
The latest move would effectively bring that expansion strategy to its logical conclusion: taking the Indonesian business private and giving APAC Realty full ownership.
The company said the proposed delisting would provide management with greater flexibility in running ERA Indonesia, while reducing the costs and administrative requirements associated with maintaining a public listing.
ERA Indonesia also no longer requires funding from the capital markets and does not currently have plans to raise money through the stock market, making the continued listing less strategically important.
For APAC Realty, the move comes as its regional business continues to expand.
The group operates the ERA brand across multiple markets in Asia-Pacific, with its network extending across more than a dozen countries and territories. Its regional operations outside Singapore have become an increasingly important part of its long-term growth strategy.
Indonesia is particularly attractive because of its large population, expanding urban centres and long-term demand for residential and commercial property.
The Indonesian property market has also benefited from continued urbanisation and growing demand in major cities, although economic conditions, interest rates and consumer purchasing power remain important factors influencing transaction activity.
ERA Indonesia has expanded its own network in recent years. In 2025, it added to its presence in Jakarta through the acquisitions of ERA Sky and ERA Fajar, helping strengthen its position in one of Indonesia’s most important property markets.
APAC Realty’s regional operations generated S$19.8 million in revenue in 2025, more than double the S$9.3 million recorded a year earlier. The regional segment also turned profitable during the year, helped by improved performance in Indonesia and Vietnam.
That improvement gives added context to the decision to consolidate ownership of ERA Indonesia.
Rather than treating the Indonesian business as a separately listed investment, APAC Realty appears to be positioning it as a wholly owned regional growth platform that can be managed more directly from the parent group.
The proposed transaction is not expected to have a material impact on APAC Realty’s net tangible assets per share or earnings per share for the financial year ending December 31, 2026.
However, the strategic implications could be more significant than the immediate financial impact.
Taking full ownership would allow APAC Realty to capture the entire economic benefit of future growth in ERA Indonesia while giving management greater freedom over investment, expansion and operational decisions.
The transaction still requires approval from ERA Indonesia’s independent shareholders as well as the relevant Indonesian regulatory authorities.
If all approvals are obtained, the acquisition and delisting are expected to be completed by March 2027.
The move also highlights how Singapore-based property groups are increasingly looking beyond their home market for long-term growth.
Singapore remains APAC Realty’s largest business, but the company has been steadily building a broader regional network spanning Southeast Asia and other Asian markets.
With Indonesia representing one of the region’s largest and most populous economies, securing full ownership of ERA Indonesia could give APAC Realty greater control over what it sees as a long-term growth market.
The US$1.6 million buyout may therefore look relatively small compared with APAC Realty’s broader operations, but its significance lies in what comes next.
APAC Realty is not simply buying out minority shareholders.
It is preparing to turn ERA Indonesia from a partially owned listed subsidiary into a fully controlled regional property platform—one that can potentially expand without the costs, restrictions and shareholder considerations that come with maintaining a separate public listing.
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