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APAC Realty, the parent company of real estate agency ERA, has purchased a three-storey commercial property at 450 Lorong 6 Toa Payoh by acquiring the entire stake of HC Home from Hersing Corporation for $72.8 million.
“The new property will serve as the headquarters of ERA Asia Pacific,” said APAC Realty’s chief executive Jack Chua (pictured) in an SGX filing on Tuesday (5 June).
“With the new space, we are able to support the expansion of the group’s real estate agency business in Singapore as well as Asia Pacific.”
The 99-year leasehold property has land area of 14,987.67 sq ft and a gross floor area of 44,362.38 sq ft.
The first and second levels are currently occupied by retail businesses. The office space on the mezzanine and third floor are leased out, likewise for the two auditoriums on the third level. Overall, there is 23,199.46 sq ft of lettable space, excluding 4,750.54 sq ft of auditorium premises.
APAC Realty plans to use the commercial building as the group’s permanent business space, providing new and larger offices with better training facilities for property agents.
The company also plans to renovate the property so that it can set-up two training theatres that can accommodate up to 400 people and a premium VIP lounge for meeting and recruitment purposes.
The additional space not occupied by the group and the retail premises will be rented out to generate rental income to defray the building’s operating costs.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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