Raffles Education Square building on sale of $200 mil
The real estate lies at 51 Merchant Road in Area 1 in Clarke Quay. The overall property rests on a 27,669 sq ft plot with a gross floor location of 71,111 sq ft plus two cellar carpark levels. Knight Frank states the real estate has a leasehold tenure for an unexpired term of 69 years from May 15, 1993.
The first framework was constructed in 1996 as well as reconditioned in 2013 to house the company workplaces and university of Raffles Education. The property has actually been unused since the school and workplace were abandoned, leading the way for the divestiture of the asset, incorporates Knight Frank.
” This opportunity might allow the combined area to enjoy an uplift in gross floor area to capitalise on the restoration initiatives for the location under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, subject to the authorities’ authorization,” claims Chia.
She adds in: “This is a rare possibility to get a commercial building that is readied to profit from the major urban renewal method that will improve the location right into a new and also vivid lifestyle 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 property development at 11 Keng Cheow Road. The firm says that the owners of Riverside Piazza are obtaining the essential 80% approval to launch a collective sale.
” Quality business assets are tough to come by as many are securely supported by institutional users and nonexistent for sale. Exclusive wealth additionally looks for commercial assets as this possession course is untouched by the current charge of government cooling down actions.”
Raffles Education Square, a four-storey industrial structure affixed to 2 rows of preserved structures, has been sold at a guide price of $200 million. The land rate equates to about $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land improvement fee. Knight Frank is the marketing broker.
” The property is purposefully situated in a place with fantastic potential for a boost in investment market value from the resurgence of the Singapore River precinct,” says Chia Mein Mein, head of funding markets (land also cumulative sale), Knight Frank Singapore.
The tender for the sale of Raffles Education Square will close on Aug 1.