Raffles Education Square building on sale of $200 mil
The residential property is located at 51 Merchant Road in Area 1 in Clarke Quay. The overall premise remains on a 27,669 sq ft plot with a gross flooring 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.
” This possibility may permit the combined site to delight in an uplift in gross floor area to capitalise on the restoration campaigns for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) scheme, based on the authorities’ authorization,” says Chia.
She includes: “This is a rare possibility to acquire an industrial building that is readied to gain from the significant urban renewal process that will transform the location right into a new and also vivid way of living hub”.
” Quality business assets are difficult to come by as lots of are tightly carried by institutional users as well as nonexistent for sale. Private assets additionally seeks commercial properties as this asset course is unaffected by the current charge of government air-cooling actions.”
The tender for the sale of Raffles Education Square will close on Aug 1.
Raffles Education Square, a four-storey commercial building affixed to two rows of conserved premises, has recently been offered at an overview rate of $200 million. The land cost translates to around $2,660 psf per plot at a possible gross plot ratio of 2.8, consisting of the land improvement cost. Knight Frank is the advertising and marketing representative.
The initial construct was constructed in 1996 as well as refurbished in 2013 to house the corporate workplaces and even university school of Raffles Education. The facility has actually been unused since the school and workplace were abandoned, leading the way for the divestment of the possession, incorporates Knight Frank.
According to Knight Frank, Raffles Education Square can potentially be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial and household property development at 11 Keng Cheow Road. The agency claims that the owners of Riverside Piazza are obtaining the requisite 80% authorization to introduce a collective sale.
” The real estate is purposefully situated in an area with fantastic potential for a boost in investment market value from the revitalisation of the Singapore River precinct,” states Chia Mein Mein, head of capital markets (land also collective sale), Knight Frank Singapore.