Raffles Education Square building on sale of $200 mil
The initial structure was installed 1996 as well as reconditioned in 2013 to house the business offices along with university of Raffles Education. The property has been abandoned ever since the school and workplace were left, leading the way for the divestiture of the property, adds Knight Frank.
” This opportunity might enable the mixed location to delight in an uplift in gross flooring area to capitalise on the rejuvenation campaigns for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, subject to the authorities’ approval,” says Chia.
Raffles Education Square, a four-storey business building attached to two rows of preserved premises, has been sold at a guide rate of $200 million. The land price translates to around $2,660 psf per plot at a possible gross plot ratio of 2.8, including the land improvement cost. Knight Frank is the advertising and marketing agent.
” Quality commercial assets are tough to find by as many are tightly held by institutional users and also unavailable for sale. Exclusive wealth likewise seeks commercial assets as this property course is unaffected by the current charge of state air-cooling actions.”
The tender for the sale of Raffles Education Square will seal on Aug 1.
The residential property lies at 51 Merchant Road in District 1 in Clarke Quay. The entire facility sits on a 27,669 sq ft plot with a gross flooring space of 71,111 sq ft and 2 cellar carpark levels. Knight Frank states the property 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 business as well as residential property development at 11 Keng Cheow Road. The agency says that the owners of Riverside Piazza are obtaining the required 80% approval to introduce a cumulative sale.
” The building is strategically situated in an area with fantastic possible for an uplift in property value from the resurgence of the Singapore River precinct,” states Chia Mein Mein, head of resources markets (land and collective sale), Knight Frank Singapore.
She adds: “This is a rare opportunity to get an industrial property that is readied to benefit from the significant urban renewal procedure that will change the area into a brand-new and also vivid lifestyle hub”.