Raffles Education Square building on sale of $200 mil

The 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 along with 2 basement carpark levels. Knight Frank claims the property has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.

Raffles Education Square, a four-storey industrial structure attached to 2 rows of conserved structures, has recently been sold at an overview price of $200 million. The land price translates to approximately $2,660 psf per plot at a possible gross plot ratio of 2.8, including the land improvement cost. Knight Frank is the advertising agent.

” Quality business properties are hard ahead by as many are tightly supported by institutional users and unavailable for sale. Exclusive assets also seeks commercial possessions as this asset class is unaffected by the current demand of government air-cooling steps.”

The tender for the sale of Raffles Education Square is going to seal on Aug 1.

” The property is strategically located in a place with fantastic prospective for a boost in property market value from the revitalisation of the Singapore River precinct,” says Chia Mein Mein, head of resources markets (land plus cumulative sale), Knight Frank Singapore.

According to Knight Frank, Raffles Education Square might possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial as well as household property development at 11 Keng Cheow Street. The agency claims that the owners of Riverside Piazza are securing the essential 80% approval to launch a collective sale.

Tembusu Grand floor plan

The initial framework was built in 1996 as well as refurbished in 2013 to house the corporate offices along with university of Raffles Education. The facility has actually been unused since the school and office were abandoned, paving the way for the divestiture of the property, adds Knight Frank.

She adds: “This is an uncommon opportunity to acquire a commercial residential property that is readied to gain from the significant urban renewal process that will improve the location right into a new and also vibrant way of living hub”.

” This opportunity may permit the combined area to enjoy an uplift in gross floor area to capitalise on the restoration efforts for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, subject to the authorities’ approval,” claims Chia.

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