Property agency ERA hit with S$731,212 lawsuit over alleged negligent misrepresentation
The board stated its intention to vigorously defend the suit
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[SINGAPORE] Apac Realty announced on Wednesday (Feb 4) through a bourse filing that its wholly owned subsidiary, property agency ERA Realty, has been named as one of three co-defendants in a lawsuit filed in the High Court of Singapore.
The claimants in the suit are seeking damages against ERA for an alleged breach of duty of care. In the alternative, they are pursuing vicarious liability arising from the alleged negligent misrepresentation of one of ERA’s salespersons during a property transaction.
The claimants are seeking a total of S$731,212 in damages, to be paid jointly and severally by the three named defendants.
The release did not identify the other two defendants.
The board stated its intention to vigorously defend the suit and is currently seeking legal advice.
The group believes the suit does not constitute “significant litigation” requiring disclosure under Rule 703 of the Listing Manual. It added that the litigation is not expected to materially affect the financial position or performance of the group for the current financial year ending Dec 31, 2026.
Shares of Apac Realty ended flat at S$0.59 on Wednesday, before the announcement.
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