APAC Realty Limited has entered into a ERA Franchise Agreement with Upper Room Realty (Phils.) Inc. for Manila, Philippines. Under the Agreement, Upper Room has the right to operate or grant memberships for the operation of ERA member broker offices in Metro Manila for an initial 15-year term with effect from 4 May 2024. The Company has the option to purchase up to 20% of the shares in the Franchisee at a price determined by an independent valuer to be agreed between both parties, within 3 years from franchisee agreement date.

The Franchisee has the option to be granted exclusive and extended to the rest of Philippines, subject to additional fees and the fulfilment of certain conditions as set out in the Agreement. Upper Room will establish ERA Manila and its first Philippine based office at Century Spire Tower in the heart of the central business district of Makati, Manila. ERA Manila will be overseen by Mr. Wealth Bourne Larida Gillego, an experienced figure in real estate, alongside Mr. Arnel Almo Dela Rosa, a seasoned lawyer and certified public accountant specializing in the property sector.

Mr. Gillego will assume the role of Chairman, while Mr. Dela Rosa will serve as President of ERA Manila.