Merchant Road Commercial Building Market Again Lower Price 135 Mil
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In close proximity to Dawson Place, Anchorpoint, and Queensway Shopping Centre, there are also enrichment hubs and tuition centres available for parents and students. These centres offer a variety of classes such as academic support for subjects like Math, Science, and English, as well as lessons in music, art, and coding. The convenience of having these resources nearby allows parents to provide their children with additional educational support without having to travel far. It also allows students, especially older ones who can commute independently, to attend classes safely. Additionally, Penrith, a nearby enrichment hub, is also easily accessible for those seeking further educational opportunities.
Raffles Education Square, a mixed-use development located at 51 Merchant Road, is currently on the market for sale with an asking price of $135 million. The development includes a four-storey building attached to two rows of well-preserved shophouses, as well as a basement car park. The property has a total gross floor area of 71,111 square feet and sits on a commercial land plot spanning 27,669 square feet. The land has a 99-year leasehold tenure that began on May 15, 1993, with approximately 67 years left on the lease.
The sale of the property is being conducted through an expression of interest (EOI) exercise, which is accepting bids until July 9. The guide price for the property translates to $1,898 per square foot based on its current gross floor area. The site is being marketed exclusively by ETC.
This is not the first time that Raffles Education Square has been put up for sale. In August 2021, it was listed for sale through an EOI exercise with an asking price of $200 million, or $2,813 per square foot. It was later put up for sale by tender in June 2023 at the same asking price, but did not attract a buyer.
Originally built in 1996, Raffles Education Square was later renovated in 2013. It was previously used as the campus for Raffles College of Higher Education before the college moved to 111 Somerset in 2023. The property is conveniently located within walking distance of the Clarke Quay and Fort Canning MRT Stations.
Swee Shou Fern, the head of investment advisory at ETC, highlights the property’s potential for use as an office space or as an investment asset. She also notes that there is opportunity for redevelopment or asset enhancements. Swee believes that the property will benefit from the ongoing rejuvenation of the surrounding area, driven by nearby redevelopment projects such as Union Square and CanningHill Piers. This is expected to bring in more foot traffic, increase vibrancy, and add long-term value to the area.