Raffles Education Square, a commercial structure with four floors that is with two rows of buildings that are in conservation and is being offered to sell at a value of $200,000 million. The land cost is around $2,660 per sq ft with a possible net plot ratio of 2.8 which includes the land betterment fee. Knight Frank is the marketing agent.
Its property lies at Merchant Road in District 1 in Clarke Quay. The whole premise is 276,669 square feet of land with a gross floor space of 71,111 sq feet as well as two levels of carpark in the basement. Knight Frank says the property is subject to leasehold with an unexpired period of 69 years starting May 15, 1993.
Grand Dunman price Singapore with a total suite area of 25,234.3 with a Gross Maximum Area (GFA) of 88,321 square metres.
The building was originally constructed in 1996, and was renovated for 2013 as the home of corporate office and the campus for college in Raffles Education. The premises has been in a state of disrepair since the office and school were removed, opening the way for the sale of the assets, according to Knight Frank.
“The property is strategically located in a region that has a huge opportunity for an increase in property value due to the revitalization of Singapore River precinct,” says Chia Mein Mein, director for capital markets (land as well as collective sales), Knight Frank Singapore.
She says: “This is a rare chance to purchase commercial property which is expected to profit from the significant urban renewal which will transform the region into a vibrant and new living and entertainment center”.
Based on Knight Frank, Raffles Education Square could be developed in conjunction with The Riverside Piazza which is which is a mixed-use strata commercial as well as residential development on 11, Keng Cheow Street. The agency claims that owners of Riverside Piazza are obtaining the necessary 80% approval for an auction.
“This possibility could permit the two site to benefit from an increase in gross floor space to benefit from the revitalization initiatives in the area as part of the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) scheme subject to the approval of the authorities,” says Chia.
“Quality commercial properties are difficult to find since many are held by institutions players and not offered to be sold. Private wealth is also looking for commercial assets because the asset class is unaffected by the recent implementation of cooling measures by the government.”
The auction for the sale of Raffles Education Square will end on August 1.