Raffles Education Square building on sale of $200 mil
The initial construct was constructed in 1996 and reconditioned in 2013 to house the company offices and even college campus of Raffles Education. The property has actually been abandoned ever since the school and workplace were abandoned, leading the way for the divestiture of the asset, adds Knight Frank.
Raffles Education Square, a four-storey commercial establishment affixed to two rows of conserved buildings, has been offered at an overview price of $200 million. The land cost converts to approximately $2,660 psf per plot at a prospective gross plot ratio of 2.8, including the land improvement charge. Knight Frank is the advertising and marketing agent.
” Quality commercial properties are tough to find by as lots of are tightly supported by institutional players and also nonexistent for sale. Private assets additionally looks for commercial properties as this possession class is uninfluenced by the latest imposition of state cooling down actions.”
The residential property lies at 51 Merchant Road in District 1 in Clarke Quay. The entire property sits on a 27,669 sq ft plot with a gross floor location of 71,111 sq ft and 2 basement carpark levels. Knight Frank claims the property has a leasehold period for an unexpired term of 69 years from May 15, 1993.
” This opportunity might enable the consolidated area to delight in an uplift in gross floor area to capitalise on the renewal initiatives for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, subject to the authorities’ approval,” says Chia.
” The building is purposefully located in a place with great prospective for a boost in investment market value from the revitalisation of the Singapore River precinct,” says Chia Mein Mein, head of funding markets (land and cumulative sale), Knight Frank Singapore.
The Continuum Thiam Siew Avenue
She adds in: “This is an unusual chance to obtain an industrial building that is readied to benefit from the major urban renewal process that will improve the location right into a brand-new and vivid lifestyle hub”.
According to Knight Frank, Raffles Education Square can potentially be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business as well as household property development at 11 Keng Cheow Street. The agency claims that the owners of Riverside Piazza are securing the required 80% approval to release a cumulative sale.
The tender for the sale of Raffles Education Square will finalize on Aug 1.
