Raffles Education Square building on sale of $200 mil
The original structure was built in 1996 and refurbished in 2013 to house the company offices along with college school of Raffles Education. The premise has been vacant since the school and business office were abandoned, leading the way for the divestment of the asset, incorporates Knight Frank.
” Quality commercial investments are difficult ahead by as lots of are firmly supported by institutional users as well as unavailable for sale. Exclusive wealth likewise looks for commercial properties as this asset class is unaffected by the latest imposition of state cooling down steps.”
” The property is tactically situated in a location with fantastic possible for an uplift in investment value from the resurgence of the Singapore River precinct,” says Chia Mein Mein, head of funding markets (land also collective sale), Knight Frank Singapore.
Raffles Education Square, a four-storey commercial building connected to two rows of saved premises, has been put up for sale at an overview rate of $200 million. The land cost equates to roughly $2,660 psf per plot at a potential gross plot ratio of 2.8, consisting of the land enhancement cost. Knight Frank is the advertising agent.
The tender for the sale of Raffles Education Square is going to finalize on Aug 1.
The property is located at 51 Merchant Road in Area 1 in Clarke Quay. The entire premise sits on a 27,669 sq ft plot with a gross flooring area of 71,111 sq ft plus two basement carpark levels. Knight Frank says the estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
According to Knight Frank, Raffles Education Square can possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business as well as domestic property development at 11 Keng Cheow Road. The agency claims that the proprietors of Riverside Piazza are securing the requisite 80% approval to launch a collective sale.
” This opportunity might allow the combined area to enjoy an uplift in gross flooring area to capitalise on the rejuvenation initiatives for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, based on the authorities’ approval,” states Chia.
She includes: “This is an unusual possibility to obtain a business property that is set to gain from the major urban renewal method that will improve the area right into a brand-new and vivid way of life hub”.