A prominent commercial property on Merchant Road, the Raffles Education Square, is now available for sale at a guide price of $135 million, translating to approximately $1,898 per square foot based on its total gross floor area of 71,111 sq ft. This significant listing marks a notable decrease from its previous asking price of $200 million in August 2021. The property has undergone multiple sale attempts, including a tender in June 2023, yet has remained at the same guide price, indicating a persistent interest in the asset despite the challenges in the sales process.
Raffles Education Square is an attractive investment opportunity, featuring a four-storey building complemented by two rows of conservation shophouses. This combination not only adds to the architectural integrity of the property but also highlights its potential for various commercial uses. The site itself spans 27,669 sq ft and is under a 99-year leasehold tenure, with approximately 67 years remaining. This lease duration is favorable for investors looking for long-term holdings in a prime location.
Strategically positioned within walking distance of both Clarke Quay and Fort Canning MRT Stations, Raffles Education Square boasts excellent accessibility. This prime location enhances its appeal for potential office, retail, or investment purposes, drawing in foot traffic that is vital for commercial success. The surrounding area is poised for growth, with ongoing developments like Union Square and CanningHill Piers expected to further increase visitor numbers and enhance the commercial environment.
Investors may find significant potential for redevelopment and asset enhancements at the site. The property’s existing structure could be modernized or expanded, while the conservation status of the shophouses allows for creative adaptations that can attract a diverse range of tenants. With the anticipated influx of visitors from surrounding developments, the Raffles Education Square presents an opportunity to capitalize on increased foot traffic, which is particularly crucial for retail and service-oriented businesses.
Despite its previous higher price point, the current listing reflects a strategic adjustment to attract prospective buyers in a competitive market. The property’s historical significance, combined with its location and potential for redevelopment, positions it as an appealing option for investors seeking to enter the commercial property sector in Singapore.
As the market continues to evolve, properties like Raffles Education Square may become increasingly valuable, particularly as nearby developments stimulate economic activity.
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News Source: Edgeprop
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