APAC Realty’s (SGX:CLN
) wholly-owned subsidiary, ERA Realty Network Pte Ltd (ERA) has been named one of the three co-defendants in a lawsuit filed in the High Court.
The claimants are seeking to claim damages worth $731,212 against ERA for alleged breach of duty of care owed to them arising from the alleged negligent misrepresentation of one of ERA’s salespersons on a property transaction.
The company is currently seeking legal advice on the lawsuit and will defend the above-mentioned action. APAC Realty's board intends to vigorously defend the lawsuit.
APAC Realty’s board said that the lawsuit is unlikely to materially impact its financial position and performance for the current financial year ending Dec 31.
Shares in APAC Realty closed at 59 cents on Feb 4.
Just on Feb 2, PropNex announced its wholly-owned unit PropNex Realty was named as one of three co-defendants in a lawsuit.
See also: GS Holdings exit legacy business; proposes name change to Octopus (APAC) Holdings
The claimants are seeking damages of $367,405 for alleged breach of duty of care owed to them, plus "vicarious liability" due to alleged negligent misrepresentation of one of PropNex's agents while acting on a property transaction.
PropNex says it is in the process of obtaining legal advice and will take all such steps to defend itself and is of the view that the suit is not likely to materially impact its financials for FY2026 ending Dec 31 2026.
"Nevertheless, the company is making this voluntary announcement in accordance with good corporate governance practices," reads PropNex's filing.
PropNex shares closed at $2.16, down 0.92%.
