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Bereavement care provider moves into property agency business

PropertyGuru

Funeral services provider Asia-Pacific Strategic Investments Limited (APSIL) plans to move decisively into the real estate agency industry and make it the core business.

In a statement, the Malaysia-based company revealed that it is looking to acquire Singapore real estate brokerage Global Alliance Property (GAP) for $2.75 million. The brokerage was recently formed from the merger of two local players MORE Property MORE) and Global Property Strategic Alliance (GPSA), with a combined base of around 800 property agents.

This proposed acquisition will help to kick-start the new core business that we are looking to build, as we prepare to divest our current loss-making bereavement care services, said APSIL chief executive officer Dato Dr Choo Yeow Ming.

We remain committed to revitalising APSIL and enhancing shareholder value, and bringing the Group back onto a sustained path of profitability and growth.

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The company shared that the $2.75 million purchase price will be payable in two tranches, comprising $1.25 million in cash and $1.5 million in shares, within two months following the completion of the GAP acquisition.

Previously, APSIL has made two forays into the real estate agency business. The first involved a proposal to acquire 100 percent of Century 21 Hong Kong Limited, the sub-franchisor that grants the Century 21 franchise to licensed real estate brokers in Hong Kong and Macau. Once completed, the acquisition will provide APSIL with access to Century 21s retail networks as well as its operating and marketing systems.

The other deal was a cooperation agreement with Oei Hong Leong Foundation and China Real Estate Development Union Group Limited to jointly develop an online property transaction platform for overseas Chinese investors and enterprises.

Together with our joint-venture partners, we believe we can quickly develop and rollout a unique and scalable online platform that will effectively service the needs of affluent Chinese property investors around the world, who are looking for a seamless way to build a diversified real estate portfolio across the globe, noted Choo.

Looking ahead, Choo stated that the new core business will allow APSIL to benefit from a diversified global platform, moving it away from its single-country focus on Malaysia, and enabling it to explore exciting new opportunities for growth.

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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