Raffles Education Square building on sale of $200 mil
The original structure was installed 1996 and also restored in 2013 to house the business workplaces along with university of Raffles Education. The facility has been unused since the school and workplace were left, leading the way for the divestiture of the asset, adds Knight Frank.
The tender for the sale of Raffles Education Square will seal on Aug 1.
” Quality commercial investments are tough to come by as many are securely supported by institutional players and nonexistent for sale. Exclusive assets additionally looks for commercial possessions as this possession course is unaffected by the latest demand of state cooling steps.”
The real estate stands at 51 Merchant Road in Area 1 in Clarke Quay. The entire property remains on a 27,669 sq ft plot with a gross floor location of 71,111 sq ft and 2 cellar carpark levels. Knight Frank says the real estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
” The building is tactically situated in an area with fantastic potential for a boost in investment value from the resurgence of the Singapore River precinct,” states Chia Mein Mein, head of resources markets (land plus cumulative sale), Knight Frank Singapore.
She adds: “This is an uncommon possibility to acquire a commercial residential property that is set to gain from the major urban renewal process that will certainly change the location right into a brand-new and vibrant way of life hub”.
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 property development at 11 Keng Cheow Road. The company says that the proprietors of Riverside Piazza are securing the requisite 80% authorization to introduce a cumulative sale.
Raffles Education Square, a four-storey business building attached to two rows of saved structures, has recently been put up for sale at a guide cost of $200 million. The land cost translates to approximately $2,660 psf per plot at a prospective gross plot ratio of 2.8, including the land betterment fee. Knight Frank is the marketing agent.
” This possibility may enable the combined area to enjoy an uplift in gross floor area to capitalise on the restoration initiatives for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, subject to the authorities’ approval,” states Chia.