SINGAPORE (EDGEPROP) - APAC Realty, the parent company of local real estate agency ERA Realty Network, has announced that Marcus Chu will be promoted to CEO from July 1. He is currently COO and will replace Jack Chua, who will remain with the company as executive chairman and provide strategic leadership and overall executive responsibility. (See also: APAC average residential prices up 1.9% y-o-y in 2H2020: Knight Frank)

According to a press release on June 28, the separation of APAC Realty’s company chairman and CEO roles will enhance the real estate agency’s corporate governance and allow for effective oversight by the board.

“Today’s leadership transition is the outcome of our strategic succession planning programme which seeks to develop and elevate the next generation of leaders from our internal talent pool. Marcus has played a critical role in the Group's growth and achievements, and we are confident that he has the right attributes to lead and advance our strategic growth plans for Singapore and the region,” says Chua.

As COO, Chu was responsible for the daily operations of ERA Realty, its strategic direction and core functions including human resource, recruitment, training, corporate communications, and research & innovation. He also oversaw the launch of PropTech innovations and initiatives for ERA agents.

The COO of agency business at ERA Realty will be Thomas Tan, who has over 18 years of experience in the industry and is the key executive officer of his own agency, RE Training & Consultancy. He was president of the Singapore Estate Agents Association until May 2021.

Chu says he will be working closely with Chua and other team members to strengthen APAC Realty’s competitive position and unlock new opportunities in Singapore and the region.

APAC Realty boasts more than 17,600 real estate advisers in 651 offices located in 10 countries in the Asia Pacific region.