Raffles Education Square building on sale of $200 mil
The initial structure was built in 1996 and restored in 2013 to house the business offices and even college university of Raffles Education. The premise has been abandoned since the school and workplace were abandoned, leading the way for the divestiture of the asset, incorporates Knight Frank.
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 property development at 11 Keng Cheow Road. The agency states that the owners of Riverside Piazza are obtaining the essential 80% authorization to release a collective sale.
The property stands at 51 Merchant Road in District 1 in Clarke Quay. The whole premise rests on a 27,669 sq ft plot with a gross floor area of 71,111 sq ft plus two basement carpark levels. Knight Frank says the real estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.
She adds: “This is a rare possibility to obtain a commercial property that is set to gain from the major urban renewal procedure that will certainly change the area right into a brand-new and vivid way of life hub”.
” This possibility might allow the mixed site to delight in an uplift in gross flooring area to capitalise on the restoration initiatives for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) scheme, subject to the authorities’ authorization,” claims Chia.
” The property is purposefully located in a location with great prospective for an uplift in property worth from the resurgence of the Singapore River precinct,” claims Chia Mein Mein, head of resources markets (land plus cumulative sale), Knight Frank Singapore.
” Quality commercial investments are difficult to come by as lots of are securely held by institutional users and unavailable for sale. Exclusive assets also looks for commercial assets as this property class is untouched by the latest charge of government cooling procedures.”
Raffles Education Square, a four-storey business establishment affixed to 2 rows of saved 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 potential gross plot ratio of 2.8, consisting of the land enhancement charge. Knight Frank is the advertising and marketing broker.
The tender for the sale of Raffles Education Square is going to seal on Aug 1.