Located at 51 Merchant Road, the Raffles Education Square has officially entered the market with a guide price of $135 million, translating to $1,898 per square foot based on its gross floor area of 71,111 square feet. This commercial property encompasses a four-storey building alongside two rows of conservation shophouses, all situated on a site measuring 27,669 square feet. The property is offered under a 99-year leasehold tenure, with approximately 67 years remaining, making it an attractive option for potential investors and developers.
The expression of interest (EOI) exercise for the Raffles Education Square is set to close on July 9. This commercial asset is being marketed exclusively by ETC, a firm known for its expertise in real estate transactions. The current listing represents a significant reduction from its previous asking price of $200 million in August 2021, when the property was unable to attract a buyer. This price cut reflects the changing dynamics of the market and aims to generate renewed interest from potential purchasers.
The property’s versatility is one of its noteworthy features, as it holds potential for office use or various redevelopment options. This adaptability allows for a wide range of possibilities, catering to different market needs. Investors and businesses may find the location appealing, especially considering the expected increase in foot traffic driven by nearby developments. Union Square and CanningHill Piers are set to enhance the area’s vibrancy, potentially providing Raffles Education Square with a more robust customer base.
The combination of its strategic location and the surrounding developments positions Raffles Education Square as a promising investment. With the commercial real estate market showing signs of recovery, this property could serve as an excellent opportunity for those looking to capitalize on the evolving landscape. The mix of the modern four-storey building with the charm of conservation shophouses adds to its unique character, making it a compelling choice for various business ventures.
Moreover, the property’s historical significance, coupled with its modern amenities, creates an enticing prospect for buyers. Entrepreneurs seeking to establish a business in a prominent area will find this offering particularly attractive. As urbanization continues and more residential and commercial projects emerge in the vicinity, the Raffles Education Square may well become a focal point for economic activity.
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News Source: Edgeprop
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