Raffles Education Square building on sale of $200 mil
The real estate is located at 51 Merchant Road in Area 1 in Clarke Quay. The whole facility sits on a 27,669 sq ft plot with a gross floor location of 71,111 sq ft and two cellar carpark levels. Knight Frank claims the property has a leasehold period for an unexpired term of 69 years from May 15, 1993.
The tender for the sale of Raffles Education Square will finalize on Aug 1.
She includes: “This is an uncommon opportunity to acquire a business residential property that is set to benefit from the major urban renewal procedure that will certainly transform the location into a new and also vibrant way of life hub”.
” This opportunity may allow the combined site to enjoy an uplift in gross floor area to capitalise on the restoration campaigns for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, based on the authorities’ approval,” claims Chia.
The first structure was installed 1996 as well as refurbished in 2013 to house the business workplaces and college school of Raffles Education. The property has actually been unused ever since the school and workplace were abandoned, leading the way for the divestment of the property, adds Knight Frank.
” Quality commercial assets are tough to come by as many are firmly held by institutional users and also nonexistent for sale. Private wealth also looks for commercial properties as this property class is untouched by the recent imposition of government cooling down actions.”
According to Knight Frank, Raffles Education Square can possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial and property development at 11 Keng Cheow Road. The company says that the proprietors of Riverside Piazza are obtaining the required 80% approval to introduce a collective sale.
” The property is tactically located in a place with excellent potential for an improve in investment value from the resurgence of the Singapore River precinct,” says Chia Mein Mein, head of capital markets (land and cumulative sale), Knight Frank Singapore.
Raffles Education Square, a four-storey business building affixed to two rows of conserved premises, has already been put up for sale at an overview rate of $200 million. The land rate translates to roughly $2,660 psf per plot at a possible gross plot ratio of 2.8, consisting of the land improvement cost. Knight Frank is the advertising representative.