Raffles Education Square building on sale of $200 mil
The initial construct was installed 1996 and also restored in 2013 to house the company workplaces and university of Raffles Education. The premise has actually been unused ever since the school and workplace were abandoned, leading the way for the divestiture of the possession, incorporates Knight Frank.
The tender for the sale of Raffles Education Square is going to finalize on Aug 1.
” This opportunity might allow the mixed site to enjoy 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) scheme, based on the authorities’ approval,” says Chia.
” Quality commercial properties are hard to come by as many are firmly held by institutional players and nonexistent for sale. Exclusive wealth additionally seeks commercial possessions as this property course is unaffected by the latest imposition of government air-cooling steps.”
She adds in: “This is a rare possibility to obtain an industrial residential property that is set to benefit from the major urban renewal method that will improve the area into a new and also dynamic way of life hub”.
The property stands at 51 Merchant Road in Area 1 in Clarke Quay. The entire facility remains on a 27,669 sq ft plot with a gross flooring area of 71,111 sq ft and 2 cellar carpark levels. Knight Frank says the estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.
Raffles Education Square, a four-storey industrial structure connected to 2 rows of conserved structures, has already been offered at an overview price of $200 million. The land price converts to around $2,660 psf per plot at a prospective gross plot ratio of 2.8, including the land improvement charge. Knight Frank is the marketing broker.
” The building is purposefully situated in an area with excellent potential for an uplift in asset value from the revitalisation of the Singapore River precinct,” claims Chia Mein Mein, head of capital markets (land plus cumulative sale), Knight Frank Singapore.
According to Knight Frank, Raffles Education Square could possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business and household development at 11 Keng Cheow Road. The agency claims that the owners of Riverside Piazza are securing the requisite 80% authorization to release a cumulative sale.