ERC Holdings has just bought over freehold "Prime Centre" from Hong Leong Group for S$103 million or S$1,415 psf based on existing net lettable area of about 72,800 sq ft.
The 16 storey building is currently half vacant but ERC Holdings will be making plans to renovate the property fo r anm educational huib and hotel use.
This is the next mega deal after ERC Holdings bought over the 999-year lease hold, "North Bridge Commercial Complex" from City Developments at S$46 million. With 60 units, or 38,534 sq ft, ERC now owns 91.3% of the strata-titled development.
*Information taken from The Business Times, 8th November 2010, "ERC Snaps Up Prime Centre for S$103m"
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