Raffles Education Square building on sale of $200 mil
Raffles Education Square, a four-storey industrial structure attached to 2 rows of conserved premises, has been put up for sale at an overview price of $200 million. The land rate translates to around $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land enhancement fee. Knight Frank is the marketing representative.
The initial construct was constructed in 1996 as well as restored in 2013 to house the corporate workplaces and even college campus of Raffles Education. The property has actually been vacant ever since the school and workplace were left, paving the way for the divestment of the possession, incorporates Knight Frank.
” Quality business assets are hard ahead by as lots of are tightly supported by institutional users and nonexistent for sale. Exclusive assets likewise looks for commercial possessions as this property class is untouched by the latest demand of government air-cooling procedures.”
” This possibility might allow the combined site to enjoy 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, subject to the authorities’ authorization,” states Chia.
The tender for the sale of Raffles Education Square will seal on Aug 1.
” The building is tactically situated in a place with fantastic potential for a boost in asset market value from the resurgence of the Singapore River precinct,” states Chia Mein Mein, head of funding markets (land also cumulative sale), Knight Frank Singapore.
According to Knight Frank, Raffles Education Square can possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial as well as property development at 11 Keng Cheow Road. The agency states that the owners of Riverside Piazza are obtaining the requisite 80% authorization to launch a collective sale.
She adds: “This is a rare opportunity to get an industrial property that is readied to benefit from the significant urban renewal procedure that will change the area into a new and vibrant lifestyle hub”.
The property stands at 51 Merchant Road in Area 1 in Clarke Quay. The whole facility rests on a 27,669 sq ft plot with a gross floor area of 71,111 sq ft and 2 cellar carpark levels. Knight Frank states the estate has a leasehold period for an unexpired term of 69 years from May 15, 1993.
