Raffles Education Square building on sale of $200 mil
The first construct was constructed in 1996 and refurbished in 2013 to house the corporate offices along with college school of Raffles Education. The property has actually been unused ever since the school and workplace were left, leading the way for the divestiture of the possession, incorporates Knight Frank.
” The property is purposefully located in a place with excellent potential for a boost in property market value from the resurgence of the Singapore River precinct,” says Chia Mein Mein, head of resources markets (land also cumulative sale), Knight Frank Singapore.
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 firm states that the owners of Riverside Piazza are securing the required 80% authorization to launch a cumulative sale.
Raffles Education Square, a four-storey commercial building connected to 2 rows of saved structures, has recently been offered at an overview price of $200 million. The land rate converts to around $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land improvement cost. Knight Frank is the advertising and marketing representative.
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She adds in: “This is an uncommon possibility to acquire a business property that is readied to profit from the major urban renewal process that will certainly change the location into a brand-new and vibrant lifestyle hub”.
The tender for the sale of Raffles Education Square is going to seal on Aug 1.
” This possibility may allow the combined site to enjoy an uplift in gross floor area to capitalise on the restoration efforts for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, subject to the authorities’ authorization,” claims Chia.
” Quality business properties are difficult to come by as many are firmly supported by institutional users as well as unavailable for sale. Private wealth likewise looks for commercial properties as this possession class is untouched by the recent imposition of government air-cooling measures.”
The property is located at 51 Merchant Road in District 1 in Clarke Quay. The overall facility sits on a 27,669 sq ft plot with a gross floor area of 71,111 sq ft plus 2 cellar carpark levels. Knight Frank states the real estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.
