Raffles Education Square building on sale of $200 mil
The first construct was built in 1996 and also reconditioned in 2013 to house the company offices and college campus of Raffles Education. The premise has actually been abandoned ever since the school and workplace were left, paving the way for the divestiture of the property, adds Knight Frank.
” This possibility might allow the combined location to delight in an uplift in gross floor area to capitalise on the rejuvenation campaigns for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, based on the authorities’ authorization,” says Chia.
The tender for the sale of Raffles Education Square will seal on Aug 1.
The property is located at 51 Merchant Road in District 1 in Clarke Quay. The overall premise sits on a 27,669 sq ft plot with a gross floor location of 71,111 sq ft along with two cellar carpark levels. Knight Frank says the estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.
She adds: “This is a rare opportunity to acquire an industrial residential property that is readied to gain from the major urban renewal method that will transform the location into a new and also vivid lifestyle hub”.
” Quality commercial assets are hard to find by as many are tightly held by institutional players as well as nonexistent for sale. Exclusive assets also seeks commercial possessions as this asset course is untouched by the current charge of government cooling procedures.”
Raffles Education Square, a four-storey commercial establishment attached to 2 rows of conserved structures, has already been sold at a guide rate of $200 million. The land price translates to roughly $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land enhancement cost. Knight Frank is the advertising and marketing representative.
According to Knight Frank, Raffles Education Square could potentially be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business and also residential development at 11 Keng Cheow Road. The company says that the owners of Riverside Piazza are obtaining the required 80% approval to introduce a cumulative sale.
” The property is purposefully situated in a location with fantastic possible for an improve in asset market value from the resurgence of the Singapore River precinct,” claims Chia Mein Mein, head of funding markets (land and cumulative sale), Knight Frank Singapore.
