Raffles Education Square building on sale of $200 mil
Raffles Education Square, a four-storey business building affixed to 2 rows of conserved buildings, has been put up for sale at a guide cost of $200 million. The land price translates to roughly $2,660 psf per plot at a possible gross plot ratio of 2.8, including the land betterment charge. Knight Frank is the advertising representative.
” The building is strategically situated in a place with fantastic possible for an uplift in asset market value from the resurgence of the Singapore River precinct,” claims Chia Mein Mein, head of funding markets (land also collective sale), Knight Frank Singapore.
” This possibility may permit the consolidated location to delight in an uplift in gross flooring area to capitalise on the restoration initiatives for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, subject to the authorities’ authorization,” says Chia.
She adds in: “This is an uncommon opportunity to get a commercial property that is set to gain from the major urban renewal procedure that will certainly transform the area into a new and vibrant way of life hub”.
The tender for the sale of Raffles Education Square is going to close on Aug 1.
The original construct was installed 1996 as well as refurbished in 2013 to house the company offices and even university school of Raffles Education. The premise has actually been abandoned since the school and business office were vacated, paving the way for the divestiture of the property, adds Knight Frank.
According to Knight Frank, Raffles Education Square can possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial as well as household development at 11 Keng Cheow Road. The agency states that the proprietors of Riverside Piazza are acquiring the requisite 80% authorization to introduce a collective sale.
” Quality commercial assets are hard ahead by as lots of are securely held by institutional users and also nonexistent for sale. Private wealth additionally seeks commercial properties as this property class is untouched by the recent demand of government cooling steps.”
The residential property is located at 51 Merchant Road in District 1 in Clarke Quay. The whole property sits on a 27,669 sq ft plot with a gross flooring area of 71,111 sq ft plus two cellar carpark levels. Knight Frank states the estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
