APAC Realty profits up 7.2% to $5.51m in Q3

It's riding on the recovery of the residential market.

APAC Realty reported a 7.2% YoY jump in net profit to $5.51m in Q3.

According to DBS Equity Research, revenue jumped by 30.3% to $105.5m.

Revenue rose thanks to the increase in brokerage income from resale and rental of properties, and new home sales.

"APAC benefitted from a recovery in the Singapore residential market where there is a substantial increase in transaction volume for the private primary and secondary market," said DBS analyst Derek Tan.

APAC has already secured more than ten projects to be launched in 2018 with close to 10,000 residential units available for sale. DBS said this is double the 4,800 units launched by ERA in the first nine months of 2017.