Raffles Education Square building on sale of $200 mil
The property stands at 51 Merchant Road in Area 1 in Clarke Quay. The overall facility remains on a 27,669 sq ft plot with a gross flooring area of 71,111 sq ft plus 2 cellar carpark levels. Knight Frank claims the estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
Raffles Education Square, a four-storey business building affixed to two rows of saved buildings, has recently been offered at a guide rate of $200 million. The land cost translates to roughly $2,660 psf per plot at a possible gross plot ratio of 2.8, including the land improvement cost. Knight Frank is the marketing broker.
” Quality business properties are tough to come by as lots of are securely carried by institutional users and also nonexistent for sale. Exclusive assets likewise seeks commercial properties as this asset class is uninfluenced by the recent imposition of government air-cooling steps.”
She adds in: “This is an uncommon chance to acquire an industrial residential property that is readied to gain from the major urban renewal procedure that will transform the location into a new and dynamic way of living hub”.
The tender for the sale of Raffles Education Square is going to seal on Aug 1.
According to Knight Frank, Raffles Education Square might potentially be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial and also domestic property development at 11 Keng Cheow Street. The company claims that the proprietors of Riverside Piazza are securing the required 80% authorization to introduce a collective sale.
The initial structure was installed 1996 and also refurbished in 2013 to house the corporate offices and even university school of Raffles Education. The premise has been unused ever since the school and business office were left, leading the way for the divestment of the property, incorporates Knight Frank.
” The real estate is purposefully situated in an area with excellent prospective for an improve in property worth from the revitalisation of the Singapore River precinct,” states Chia Mein Mein, head of capital markets (land and collective sale), Knight Frank Singapore.
” This opportunity may permit the combined area to enjoy an uplift in gross flooring area to capitalise on the restoration initiatives for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) scheme, subject to the authorities’ approval,” claims Chia.