Raffles Education Square building on sale of $200 mil
Raffles Education Square, a four-storey commercial building attached to two rows of saved buildings, has already been sold at a guide rate of $200 million. The land rate translates to approximately $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land improvement fee. Knight Frank is the advertising and marketing representative.
The property is located at 51 Merchant Road in District 1 in Clarke Quay. The whole facility rests on a 27,669 sq ft plot with a gross flooring location of 71,111 sq ft along with 2 basement carpark levels. Knight Frank says the property has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
” Quality business properties are hard ahead by as many are securely supported by institutional users and also nonexistent for sale. Exclusive assets additionally looks for commercial assets as this asset course is uninfluenced by the current demand of government cooling down steps.”
The tender for the sale of Raffles Education Square is going to finalize on Aug 1.
She adds in: “This is an uncommon chance to acquire a commercial residential property that is readied to profit from the significant urban renewal procedure that will certainly improve the area 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 and also residential property development at 11 Keng Cheow Street. The agency says that the owners of Riverside Piazza are securing the required 80% approval to introduce a cumulative sale.
The initial structure was constructed in 1996 as well as refurbished in 2013 to house the business offices and university of Raffles Education. The property has actually been unused ever since the school and office were vacated, paving the way for the divestiture of the possession, incorporates Knight Frank.
” The real estate is tactically located in a place with excellent potential for an improve in asset market value from the revitalisation of the Singapore River precinct,” says Chia Mein Mein, head of funding markets (land plus collective sale), Knight Frank Singapore.
” This opportunity might permit the consolidated site to delight in an uplift in gross flooring area to capitalise on the rejuvenation campaigns for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, based on the authorities’ approval,” states Chia.