Raffles Education Square building on sale of $200 mil

The real estate is located at 51 Merchant Road in Area 1 in Clarke Quay. The whole premise remains on a 27,669 sq ft plot with a gross flooring location of 71,111 sq ft plus 2 cellar carpark levels. Knight Frank states the estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.

” This opportunity might allow the mixed site to delight in an uplift in gross floor area to capitalise on the restoration initiatives for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, based on the authorities’ approval,” says Chia.

According to Knight Frank, Raffles Education Square can potentially be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business and also property development at 11 Keng Cheow Road. The company says that the owners of Riverside Piazza are securing the essential 80% approval to launch a cumulative sale.

Raffles Education Square, a four-storey industrial building attached to two rows of saved structures, has been offered at an overview cost of $200 million. The land price converts to about $2,660 psf per plot at a prospective gross plot ratio of 2.8, including the land betterment charge. Knight Frank is the advertising and marketing representative.

Sky Eden floor plan

” The real estate is purposefully situated in a location with excellent potential for an improve in asset worth from the revitalisation of the Singapore River precinct,” says Chia Mein Mein, head of funding markets (land also collective sale), Knight Frank Singapore.

She adds in: “This is an unusual possibility to get an industrial residential property that is set to gain from the major urban renewal procedure that will certainly improve the location into a new and also vibrant way of living hub”.

” Quality business properties are tough to come by as many are tightly held by institutional users and nonexistent for sale. Private assets additionally seeks commercial assets as this asset course is unaffected by the current imposition of government cooling procedures.”

The tender for the sale of Raffles Education Square will seal on Aug 1.

The original construct was installed 1996 and restored in 2013 to house the business workplaces along with university campus of Raffles Education. The facility has actually been abandoned ever since the school and workplace were left, leading the way for the divestiture of the property, incorporates Knight Frank.

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