Raffles Education Square building on sale of $200 mil
The property is located at 51 Merchant Road in Area 1 in Clarke Quay. The whole premise rests on a 27,669 sq ft plot with a gross flooring location of 71,111 sq ft along with two basement carpark levels. Knight Frank states the estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.
The tender for the sale of Raffles Education Square will close on Aug 1.
She includes: “This is an uncommon opportunity to get a business residential property that is set to gain from the significant urban renewal procedure that will improve the region into a new and also dynamic lifestyle hub”.
” This possibility may enable the consolidated location to delight in an uplift in gross floor area to capitalise on the renewal initiatives for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, subject to the authorities’ authorization,” says Chia.
The first framework was constructed in 1996 as well as reconditioned in 2013 to house the business offices and even college school of Raffles Education. The premise has actually been vacant ever since the school and business office were vacated, paving the way for the divestiture of the property, adds Knight Frank.
” The building is purposefully situated in an area with excellent possible for an improve in property worth from the resurgence of the Singapore River precinct,” states Chia Mein Mein, head of funding markets (land also cumulative sale), Knight Frank Singapore.
According to Knight Frank, Raffles Education Square could potentially be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial as well as property development at 11 Keng Cheow Road. The firm states that the proprietors of Riverside Piazza are acquiring the essential 80% approval to introduce a collective sale.
Raffles Education Square, a four-storey business establishment connected to 2 rows of preserved structures, has recently been offered at a guide price of $200 million. The land price translates to roughly $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land enhancement fee. Knight Frank is the marketing broker.
” Quality business properties are difficult ahead by as many are firmly carried by institutional players and also unavailable for sale. Exclusive wealth likewise seeks commercial possessions as this property course is uninfluenced by the recent demand of state air-cooling procedures.”