Raffles Education Square building on sale of $200 mil
Raffles Education Square, a four-storey commercial establishment attached to 2 rows of saved premises, has been put up for sale at a guide cost 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 improvement fee. Knight Frank is the marketing broker.
The initial framework was installed 1996 and also reconditioned in 2013 to house the company workplaces and even university of Raffles Education. The property has been vacant since the school and workplace were left, leading the way for the divestment of the possession, adds Knight Frank.
” The building is purposefully located in an area with excellent prospective for an improve in property market value from the revitalisation of the Singapore River precinct,” says Chia Mein Mein, head of resources markets (land plus collective sale), Knight Frank Singapore.
The tender for the sale of Raffles Education Square is going to seal on Aug 1.
” This possibility may enable the consolidated area to enjoy an uplift in gross flooring area to capitalise on the renewal initiatives for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) scheme, based on the authorities’ approval,” says Chia.
According to Knight Frank, Raffles Education Square can possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business and also household development at 11 Keng Cheow Street. The firm states that the proprietors of Riverside Piazza are securing the essential 80% authorization to launch a cumulative sale.
She includes: “This is an uncommon possibility to acquire a business property that is readied to profit from the major urban renewal process that will improve the area right into a brand-new and also dynamic way of living hub”.
The property is located at 51 Merchant Road in Area 1 in Clarke Quay. The whole property rests on a 27,669 sq ft plot with a gross flooring location of 71,111 sq ft plus 2 basement carpark levels. Knight Frank says the property has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
” Quality business investments are difficult to come by as many are firmly supported by institutional users and unavailable for sale. Exclusive wealth likewise looks for commercial possessions as this asset class is untouched by the recent imposition of state air-cooling steps.”
