Hersing Corporation has announced the purchase of a commercial property known as Toa Payoh Entertainment Centre for $66 million to cater for the expansion of the group’s real estate agency business as the building is close to HDB Hub.
The 99-year leasehold property located at the heart of Toa Payoh Town Centre comprises 3 levels and the building has a site area of 1,392.4 sq. m. and a gross floor area of 4,112.4 sqm.
The first 2 levels will continue to be used for retail shops while the 3rd level will be reonovated from a cinema into office space where the group intends to house the recruitment centre for ERA, a cinema and a welcome lounge for ERA customers.
Spare capacity will be leased out on an ad hoc basis to training centres for training purposes. An application has been made for the change of use of the premises from cinema to office.
Hersing says the proposed acquisition will be financed through a combination of external financing arrangements and internal resources.