SINGAPORE – APAC Realty Limited (“APAC Realty”, the “Company” or together with its subsidiaries, the “Group”), a service provider that operates a market-leading real estate brokerage in Singapore under the ERA brand, is set to expand its business with the proposed acquisition of a commercial property located at 450 Lorong 6 Toa Payoh Singapore 319394 (the “Property”) owned by HC Home Pte Ltd for S$72.8 million.
The Property will serve as a permanent place of business for the Group to provide enhanced facilities for ERA’s agency operations, including new office space for agents and improved training areas. The proposed acquisition of the Property is part of the Group’s expansion strategy and will provide existing and new agents with further training and development opportunities.
“With the new space, we are able to support the expansion of the Group’s real estate agency business in Singapore as well as the Asia Pacific. The new Property will also serve as the headquarters of ERA Asia Pacific. We are excited to be able to hold our regional meetings and providing training to ERA agents from across the Asia-Pacific region, including Indonesia, Japan, Korea, Malaysia, Taiwan, Thailand, Vietnam and Cambodia at the new offices,” said Jack Chua, CEO of APAC Realty.
Spanning a site area of approximately 1,392 square metres and a gross floor area of 4,121 square metres, the Property has 2,597 square metres of lettable floor area, including retail and auditorium space, as well as three levels of ample office space. There will be addition and alteration works to refurbish the space and to house comprehensive facilities including:
- Two training theatres, which can host a total of 400 participants
- A premium VIP Lounge for meeting and recruitment purposes
- Increased office space for existing and newly recruited agents
Mr. Chua added that while the Group will be rolling out strategic campaigns to recruit more agents, it is important to also ensure its agents offer professional and quality services to their clients. The Group is committed to providing on-the-job training, professional development and market intelligence for its agents. With this new space, regular training sessions can be conducted at the training theatres with superior capacity and in a centralised and convenient location.
The excess space not occupied by the Group and the retail areas will be leased to third parties to generate rental income. The income generated from leasing to third-party retailers and its agents is expected to offset the operating costs (including finance costs) of the Property.
Article contributed by ERA.