ERA Realty Network, Singapore’s second biggest real estate agency, has launched an initiative to cater to high net worth clients, named Plush by ERA. Over 100 agents have been handpicked to join this elite team.
The aim is to double the share of big-ticket property deals, which currently account for about 10% of ERA’s overall brokerage business. “The initiative is a timely one,” says Jack Chua, ERA’s CEO. “The real estate industry is on the cusp of change.”
The 'Plush' agents at ERA with CEO Jack Chua (middle, seated) [Photo Credit: ERA]
According to Chua, demand for local properties may have dipped after the rollout of the property cooling measures last July. “However, Core Central Region transactions have remained encouraging,” he says. From July to November 2018, property transactions above $2 million rose to 64%, up from 50% in 2017, adds Chua. Historically, 2018 was the best year for CCR transactions above $2,000 psf with close to $10 billion sales volume.
Plush will kick off in Singapore, and will eventually be rolled out to the rest of ERA’s network in the Asia Pacific region. After all, Asia Pacific accounted for 31% ($27 trillion) of the world’s richest in 2017, and the forecast is that by 2025, the wealthy individuals in the region will have a total networth above $55 trillion.