Raffles Education Square building on sale of $200 mil
The initial construct was built in 1996 and also reconditioned in 2013 to house the business offices along with college university of Raffles Education. The property has actually been unused since the school and workplace were vacated, leading the way for the divestiture of the possession, incorporates Knight Frank.
” Quality commercial properties are hard to find by as lots of are tightly supported by institutional players and also nonexistent for sale. Exclusive wealth likewise seeks commercial possessions as this asset class is untouched by the current demand of government cooling steps.”
” The real estate is tactically situated in an area with great prospective for an uplift in asset worth from the revitalisation of the Singapore River precinct,” claims Chia Mein Mein, head of resources markets (land and collective sale), Knight Frank Singapore.
” This possibility may permit the mixed location to enjoy an uplift in gross flooring area to capitalise on the renewal efforts for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, subject to the authorities’ approval,” says Chia.
She includes: “This is a rare opportunity to obtain a commercial building that is set to gain from the significant urban renewal process that will certainly improve the region right into a brand-new and also dynamic way of life hub”.
According to Knight Frank, Raffles Education Square might possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business and also household development at 11 Keng Cheow Road. The company states that the proprietors of Riverside Piazza are acquiring the required 80% approval to launch a cumulative sale.
The tender for the sale of Raffles Education Square will seal on Aug 1.
Raffles Education Square, a four-storey business building connected to two rows of preserved premises, has recently been sold at an overview price of $200 million. The land rate converts to approximately $2,660 psf per plot at a possible gross plot ratio of 2.8, including the land improvement charge. Knight Frank is the advertising and marketing representative.
The property stands at 51 Merchant Road in Area 1 in Clarke Quay. The overall premise rests on a 27,669 sq ft plot with a gross flooring location of 71,111 sq ft plus 2 cellar carpark levels. Knight Frank claims the property has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.