Raffles Education Corp launches corporate building for sale at S$200m

MAINBOARD-LISTED private school operator Raffles Education Corporation is putting its corporate building and college campus up for sale at a guide price of S$200 million.

Raffles Education Square, as it is known, is at 51 Merchant Road and has a land area spanning 27,669 square feet (sq ft) and a gross floor area (GFA) of 77,445 sq ft. Based on the guide price, this works out to S$2,582 per square foot on the existing GFA. The leasehold title has an outstanding tenure of 71 years.

Marketing agent Delasa (formerly Showsuite Consultancy) has launched an expression-of-interest exercise for the property, which is slated to close on Sept 23.

Raffles Education Square is zoned "Commercial" in the 2019 Master Plan.

The nearest MRT stations are Clarke Quay and Fort Canning, which are both between 300 and 400 metres away.

The property, refurbished eight years ago, comprises two sections: a main four-storey building with two levels of basement carparks, annexed to two rows of conserved buildings. The proposed sale is part of Raffles Education's asset rationalisation plan, Delasa said in a statement.

Karamjit Singh, chief executive of Delasa, said: "As corporates plan for their workforce to return to the office post-Covid, the vibrancy and connectivity of their workplace is vital in order for it to be a centre for creativity and collaboration.

"With its quaint surroundings and ease of accessibility, 51 Merchant Road not only offers a pleasantly conducive and productive work environment, it also offers branding rights and future redevelopment potential amid the infrastructural improvement plans that are expected to take shape in the area."

Two adjoining buildings, Central Square and Central Mall, separately announced plans earlier this year to redevelop their properties into mixed-use commercial and hospitality projects, which is expected to inject vibrancy into the precinct.