Raffles Education Square building on sale of $200 mil
The real estate lies at 51 Merchant Road in District 1 in Clarke Quay. The overall premise sits on a 27,669 sq ft plot with a gross flooring area of 71,111 sq ft along with 2 cellar carpark levels. Knight Frank claims the property has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
” The building is tactically located in an area with excellent potential for an uplift in property worth from the resurgence of the Singapore River precinct,” states Chia Mein Mein, head of resources markets (land and collective sale), Knight Frank Singapore.
” Quality business investments are tough to come by as many are tightly held by institutional players as well as unavailable for sale. Exclusive assets additionally looks for commercial assets as this possession course is untouched by the current imposition of state air-cooling steps.”
The initial construct was constructed in 1996 and also reconditioned in 2013 to house the business offices along with college school of Raffles Education. The property has been vacant since the school and business office were vacated, leading the way for the divestiture of the possession, incorporates Knight Frank.
Raffles Education Square, a four-storey industrial structure attached to two rows of saved buildings, has been offered at an overview cost of $200 million. The land price equates to roughly $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land betterment fee. Knight Frank is the advertising and marketing representative.
According to Knight Frank, Raffles Education Square can possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business and also domestic development at 11 Keng Cheow Road. The agency claims that the owners of Riverside Piazza are securing the requisite 80% approval to introduce a collective sale.
” This opportunity may permit the combined site to enjoy an uplift in gross flooring area to capitalise on the rejuvenation initiatives for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, subject to the authorities’ authorization,” states Chia.
She includes: “This is an unusual opportunity to obtain a commercial building that is readied to profit from the major urban renewal procedure that will improve the location into a new and also vivid lifestyle hub”.
The tender for the sale of Raffles Education Square is going to close on Aug 1.