APAC Realty Limited reported profit after tax of S$9.4 million for the six months ended Jun 30, down 16% year-on-year as weaker transaction activity in Singapore’s housing market curbed brokerage income.

Revenue slipped 3.6% YoY to S$329.3 million. The board declared an interim dividend of 1.9 Singapore cents a share and a one-off special dividend of 3.6 cents, bringing the total payout to 5.5 cents. The interim distribution represents a 77.7% payout ratio and translates to an annualised yield of 6.6% based on the Jul 31 closing price.

By segment, revenue from new home sales fell 11% to S$116.8 million, reflecting a lighter launch calendar. Brokerage revenue from resale and rental transactions inched up 0.8% to S$208.4 million, while other revenue, mainly interest income, declined 13% to S$1.3 million. Gross profit decreased 5.3% to S$33.9 million.

The group ended the half with S$53.1 million in cash and generated S$12.3 million in positive operating cash flow. It maintained a salesforce of 8,744 agents as at Jun 30.

Management attributed the earnings contraction to a broad-based drop in market volumes across new private homes, private resale units and HDB resale flats. Chief executive officer Marcus Chu said the market entered a consolidation phase after a strong finish in 2025 and noted that launch activity was muted by seasonal factors such as the Lunar New Year and school holidays. He expects transactions to pick up in 2H2026 as more projects reach the market and underlying owner-occupier demand remains resilient.

Looking ahead, ERA Singapore, the group’s brokerage arm, projects developers will sell 8,000–9,000 new private residential units and 13,000–14,000 secondary-market homes in 2026, signalling stable demand. APAC Realty will also focus on expanding its ASEAN footprint, enhancing its proprietary SALES+ digital platform with artificial-intelligence tools, and supporting agents ahead of new regulatory requirements that take effect in 2027.