Raffles Education Square building on sale of $200 mil

According to Knight Frank, Raffles Education Square could possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata commercial as well as property development at 11 Keng Cheow Street. The agency claims that the proprietors of Riverside Piazza are securing the requisite 80% approval to introduce a cumulative sale.

Raffles Education Square, a four-storey commercial building connected to 2 rows of saved structures, has been offered at a guide rate of $200 million. The land rate equates to approximately $2,660 psf per plot at a potential gross plot ratio of 2.8, including the land betterment fee. Knight Frank is the marketing representative.

The first structure was built in 1996 and also restored in 2013 to house the business offices and college campus of Raffles Education. The premise has been abandoned ever since the school and office were abandoned, paving the way for the divestiture of the possession, incorporates Knight Frank.

” The property is purposefully situated in a location with excellent potential for a boost in property worth from the resurgence of the Singapore River precinct,” says Chia Mein Mein, head of capital markets (land also cumulative sale), Knight Frank Singapore.

” Quality business properties are tough to come by as many are firmly carried by institutional players and nonexistent for sale. Private wealth additionally looks for commercial assets as this possession class is unaffected by the latest demand of government air-cooling procedures.”

She adds in: “This is an unusual possibility to obtain a business building that is set to profit from the major urban renewal method that will certainly change the location into a brand-new and vivid way of living hub”.

Lentor Hills Residences condominium

The real estate is located at 51 Merchant Road in District 1 in Clarke Quay. The overall property 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 claims the property has a leasehold period for an unexpired term of 69 years from May 15, 1993.

” This possibility may allow the consolidated area to delight in an uplift in gross flooring area to capitalise on the renewal campaigns for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) system, subject to the authorities’ authorization,” says Chia.

The tender for the sale of Raffles Education Square is going to close on Aug 1.