Raffles Education Square building on sale of $200 mil
Raffles Education Square, a four-storey business building connected to two rows of saved premises, has recently been put up for sale at a guide rate of $200 million. The land price converts to roughly $2,660 psf per plot at a prospective gross plot ratio of 2.8, consisting of the land enhancement charge. Knight Frank is the marketing broker.
” This opportunity may allow the combined area to delight in an uplift in gross floor area to capitalise on the renewal initiatives for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, subject to the authorities’ approval,” claims Chia.
The tender for the sale of Raffles Education Square is going to close on Aug 1.
” Quality business properties are difficult ahead by as lots of are tightly supported by institutional users and also nonexistent for sale. Private wealth likewise seeks commercial possessions as this asset course is unaffected by the latest demand of state cooling down measures.”
The residential property lies at 51 Merchant Road in Area 1 in Clarke Quay. The overall premise remains on a 27,669 sq ft plot with a gross floor space of 71,111 sq ft plus 2 cellar carpark levels. Knight Frank claims the estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
The first framework was built in 1996 and refurbished in 2013 to house the business offices and university campus of Raffles Education. The property has been unused since the school and office were left, leading the way for the divestment of the asset, incorporates Knight Frank.
” The property is strategically situated in a place with fantastic potential for an improve in asset market value from the resurgence of the Singapore River precinct,” says Chia Mein Mein, head of resources markets (land plus collective 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 and household property development at 11 Keng Cheow Street. The agency states that the proprietors of Riverside Piazza are acquiring the requisite 80% authorization to release a cumulative sale.
She includes: “This is an uncommon opportunity to get a commercial property that is readied to profit from the significant urban renewal process that will transform the region into a brand-new and vivid lifestyle hub”.