Merchant Road Commercial Building Market Again Lower Price 135 Mil
Raffles Education Square, a commercial building located at 51 Merchant Road, is currently on the market with an asking price of $135 million. The property is made up of a four-storey building and two rows of conservation shophouses, as well as a basement car park. It boasts a total gross floor area (GFA) of 71,111 square feet and sits on a 27,669 square feet commercial site. The property is held under a 99-year leasehold tenure starting from 15 May 1993, which means it still has approximately 67 years left on its lease.
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The property is being marketed for sale through an expression of interest (EOI) exercise, with the deadline for submissions set for July 9. The guide price equates to $1,898 per square foot based on the current GFA. ETC has been appointed as the sole marketing agent for the property.
This is not the first time the property has been put up for sale. In August 2021, Raffles Education had listed the site for $200 million ($2,813 per square foot) through an EOI exercise. It was later put up for sale by tender in June 2023 at the same price, but did not manage to secure a buyer.
Originally built in 1996, Raffles Education Square underwent a refurbishment in 2013. It was previously used as the campus for Raffles College of Higher Education before it was relocated to 111 Somerset in 2023. The property is conveniently located within walking distance to Clarke Quay and Fort Canning MRT Stations.
A map showing the location of the property (Picture: EdgeProp LandLens)
Swee Shou Fern, ETC’s head of investment advisory, believes the property holds potential for both office use and as an investment asset. She also sees opportunities for redevelopment or asset enhancements in the future. Swee also notes that the property stands to benefit from the ongoing rejuvenation of the surrounding area, with upcoming developments such as Union Square and CanningHill Piers expected to increase footfall, vibrancy, and long-term value in the vicinity. If you are interested in commercial properties, be sure to check out the latest listings on EdgeProp and compare price trends for commercial and industrial properties. You can also find information on past rental and sale transactions, as well as a range of listings for commercial properties.