Raffles Education Square building on sale of $200 mil
The first construct was installed 1996 as well as restored in 2013 to house the corporate offices along with university school of Raffles Education. The property has been vacant since the school and workplace were vacated, leading the way for the divestiture of the asset, incorporates Knight Frank.
” The building is tactically located in a place with excellent potential for an improve in investment value from the revitalisation of the Singapore River precinct,” claims Chia Mein Mein, head of resources markets (land plus cumulative sale), Knight Frank Singapore.
” Quality business assets are hard to come by as many are tightly held by institutional players and also unavailable for sale. Exclusive wealth likewise seeks commercial properties as this property class is uninfluenced by the latest demand of state cooling down steps.”
The tender for the sale of Raffles Education Square will finalize on Aug 1.
Raffles Education Square, a four-storey business establishment affixed to two rows of saved premises, has recently been offered at a guide price of $200 million. The land cost translates to about $2,660 psf per plot at a possible gross plot ratio of 2.8, including the land betterment charge. Knight Frank is the advertising and marketing representative.
The real estate stands at 51 Merchant Road in Area 1 in Clarke Quay. The entire property rests on a 27,669 sq ft plot with a gross flooring area of 71,111 sq ft along with two cellar carpark levels. Knight Frank claims the estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
According to Knight Frank, Raffles Education Square could possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial and also property development at 11 Keng Cheow Street. The company states that the owners of Riverside Piazza are obtaining the required 80% authorization to introduce a collective sale.
” This opportunity might permit the mixed area to enjoy an uplift in gross flooring area to capitalise on the restoration campaigns for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) scheme, subject to the authorities’ authorization,” claims Chia.
She adds in: “This is a rare possibility to get a commercial property that is readied to benefit from the major urban renewal method that will transform the area into a brand-new and vivid way of life hub”.