Raffles Education Square building on sale of $200 mil
Raffles Education Square, a four-storey industrial establishment connected to two rows of preserved buildings, has recently been put up for sale at an overview price of $200 million. The land rate equates to around $2,660 psf per plot at a possible gross plot ratio of 2.8, consisting of the land improvement charge. Knight Frank is the advertising and marketing broker.
” The building is strategically located in an area with fantastic possible for an uplift in investment value from the resurgence of the Singapore River precinct,” states Chia Mein Mein, head of capital markets (land also collective sale), Knight Frank Singapore.
According to Knight Frank, Raffles Education Square can possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business and also household property development at 11 Keng Cheow Street. The agency states that the owners of Riverside Piazza are obtaining the required 80% authorization to launch a cumulative sale.
She adds: “This is a rare chance to obtain a business property that is readied to profit from the major urban renewal method that will certainly transform the area into a brand-new and also vivid way of life hub”.
The tender for the sale of Raffles Education Square is going to close on Aug 1.
The residential property stands at 51 Merchant Road in Area 1 in Clarke Quay. The overall property remains on a 27,669 sq ft plot with a gross floor area of 71,111 sq ft plus 2 basement carpark levels. Knight Frank states the estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
” This possibility might enable the consolidated site to enjoy an uplift in gross floor area to capitalise on the renewal campaigns for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) scheme, based on the authorities’ authorization,” claims Chia.
The initial construct was installed 1996 as well as restored in 2013 to house the business offices and university campus of Raffles Education. The property has actually been vacant ever since the school and workplace were left, paving the way for the divestment of the possession, incorporates Knight Frank.
” Quality commercial investments are difficult to come by as many are securely held by institutional users and also nonexistent for sale. Exclusive wealth likewise seeks commercial assets as this property course is unaffected by the current charge of state air-cooling steps.”