Merchant Road Commercial Building Market Again Lower Price 135 Mil
Located conveniently on Sembawang Road, there is a variety of childcare centres and preschools that cater to the needs of families living in the area. These highly reputable institutions are known for their exceptional early childhood education programmes, focusing on nurturing the overall development of young children. Prioritizing social interaction, physical activity, and foundational literacy and numeracy, these schools are an ideal choice for families with young kids who are settling into the community. The added convenience of having these facilities within walking distance or a short drive away also eliminates the daily strain of lengthy commutes for both parents and their little ones. Moreover, families can also benefit from the nearby Sembawang Road EC at Canberra MRT for easy transportation and accessibility. For more information, please visit Sembawang Road EC at Canberra MRT.
The iconic Raffles Education Square, located at 51 Merchant Road, has been put up for sale with a guide price of $135 million. This commercial property, which includes a four-storey building and two rows of conservation shophouses, also boasts a basement car park. Spanning over 27,669 square feet of prime commercial land, the property has a gross floor area of 71,111 square feet and still has 67 years left on its 99-year leasehold tenure from 15 May 1993.
The property is currently being marketed through an expression of interest (EOI) exercise, with a deadline of July 9. At $1,898 per square foot on the existing gross floor area, ETC, the sole marketing agent, believes that this is a good investment opportunity.
Interestingly, this is not the first time that Raffles Education Square has been put up for sale. In August 2021, the property was listed for $200 million ($2,813 psf) through an EOI exercise. However, it was later put up for sale through a tender in June 2023, also at a guide price of $200 million, but was unable to find a buyer.
Built in 1996 and renovated in 2013, Raffles Education Square was previously used as the campus for Raffles College of Higher Education before they relocated to 111 Somerset. It is conveniently located within walking distance of the Clarke Quay and Fort Canning MRT Stations.
Swee Shou Fern, ETC’s Head of Investment Advisory, believes that this property has potential for various uses, such as an office space or a valuable investment asset. Additionally, she sees an opportunity for redevelopment or asset enhancements on the site. She also notes that the property is set to benefit from the ongoing rejuvenation of the precinct, with upcoming developments like Union Square and CanningHill Piers bringing more vibrancy and increasing long-term value in the area.