Raffles Education Square building on sale of $200 mil
According to Knight Frank, Raffles Education Square might possibly be redeveloped with the neighbouring The Riverside Piazza, a mixed-use strata business as well as household property development at 11 Keng Cheow Road. The firm claims that the owners of Riverside Piazza are obtaining the essential 80% approval to introduce a cumulative sale.
” This possibility may enable the mixed area to enjoy an uplift in gross floor area to capitalise on the restoration efforts for the area under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) plan, based on the authorities’ authorization,” claims Chia.
The initial construct was constructed in 1996 and restored in 2013 to house the business offices along with college university of Raffles Education. The facility has been abandoned ever since the school and workplace were vacated, leading the way for the divestiture of the asset, incorporates Knight Frank.
The residential property is located at 51 Merchant Road in District 1 in Clarke Quay. The overall facility remains on a 27,669 sq ft plot with a gross floor location of 71,111 sq ft along with 2 cellar carpark levels. Knight Frank says the property has a leasehold period for an unexpired term of 69 years from May 15, 1993.
” Quality business properties are tough to come by as many are firmly held by institutional users and also nonexistent for sale. Private wealth likewise seeks commercial possessions as this possession course is unaffected by the recent imposition of government cooling down measures.”
The tender for the sale of Raffles Education Square will close on Aug 1.
Raffles Education Square, a four-storey industrial structure attached to two rows of saved premises, has already been offered at an overview price of $200 million. The land cost converts to roughly $2,660 psf per plot at a potential gross plot ratio of 2.8, consisting of the land betterment charge. Knight Frank is the advertising representative.
She includes: “This is an uncommon chance to acquire a business building that is readied to benefit from the major urban renewal procedure that will certainly transform the region right into a brand-new and also vibrant way of living hub”.
” The real estate is tactically located in an area with excellent possible for a boost in asset worth from the revitalisation of the Singapore River precinct,” states Chia Mein Mein, head of capital markets (land plus cumulative sale), Knight Frank Singapore.
