You are here
APAC Realty to acquire new HQ in Toa Payoh for S$72.8m
APAC Realty, which operates a real estate brokerage under the ERA brand, plans to buy a commercial property located at 450, Lorong 6, Toa Payoh for S$72.8 million, it said on Tuesday.
The property spans 1,392 square metres and a gross floor area of 4,121 sq m, has 2,597 sq m of lettable floor area, including retail and auditorium space, as well as three levels of office space.
It is owned by HC Home, and APAC Realty will acquire the space by acquiring all the shares of HC Home.
The property will serve as the new headquarters of ERA Asia Pacific, APAC Realty chief Jack Chua said.
The excess space not occupied by the group as well as the retail areas will be leased to third parties to generate rental income. The income generated from leasing is expected to offset the operating costs (including finance costs) of the property, APAC Realty said.