Raffles Education Square building on sale of $200 mil

The first structure was constructed in 1996 as well as refurbished in 2013 to house the company workplaces and university of Raffles Education. The property has been vacant since the school and business office were abandoned, paving the way for the divestment of the property, adds Knight Frank.

The real estate lies at 51 Merchant Road in District 1 in Clarke Quay. The entire facility remains on a 27,669 sq ft plot with a gross floor space of 71,111 sq ft and two basement carpark levels. Knight Frank claims the real estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.

She adds in: “This is an uncommon opportunity to get an industrial residential property that is readied to gain from the major urban renewal procedure that will improve the location right into a brand-new and also vivid way of living hub”.

The tender for the sale of Raffles Education Square will close on Aug 1.

” Quality business assets are tough to find by as lots of are securely held by institutional players and also unavailable for sale. Private assets additionally looks for commercial possessions as this possession course is untouched by the recent demand of government air-cooling actions.”

According to Knight Frank, Raffles Education Square might potentially be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial and also residential development at 11 Keng Cheow Street. The firm claims that the proprietors of Riverside Piazza are obtaining the requisite 80% authorization to launch a cumulative sale.

The Arden showflat

Raffles Education Square, a four-storey commercial establishment affixed to 2 rows of saved premises, has recently been sold at a guide rate of $200 million. The land price converts to roughly $2,660 psf per plot at a possible gross plot ratio of 2.8, including the land betterment charge. Knight Frank is the marketing agent.

” This opportunity may allow the combined site to enjoy an uplift in gross floor area to capitalise on the renewal initiatives for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, subject to the authorities’ authorization,” says Chia.

” The property is purposefully situated in a place with excellent prospective for a boost in asset market value from the revitalisation of the Singapore River precinct,” claims Chia Mein Mein, head of capital markets (land also cumulative sale), Knight Frank Singapore.

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