.jpg?XqYHka5z6Yq46zyitHWAwhEpPwYTQ.U9&itok=Nw84qVsg "The property was put up for sale in 2021 and 2023 for $200 million (Picture: ETC)")
Raffles Education Square, a commercial building at 51 Merchant Road, is up for sale with a guide price of $135 million. The property comprises a four-storey building attached to two rows of conservation shophouses, along with a basement car park. It has a gross floor area (GFA) of 71,111 sq ft and is situated on a commercial site spanning 27,669 sq ft. The land has a 99-year leasehold tenure from 15 May 1993, which means it has roughly 67 years remaining on its lease.
The property is up for sale through an expression of interest (EOI) exercise, which closes on July 9. The guide price translates to $1,898 psf on the existing GFA. ETC is the sole marketing agent for the site.
This is not the first time the property has been put up for sale. In August 2021, Raffles Education put the site on the market via an EOI exercise for $200 million ($2,813 psf). It was later launched for sale by tender in June 2023 at the same guide price, but did not find a buyer.
Raffles Education Square was built in 1996. It was subsequently refurbished in 2013. It previously served as the Raffles College of Higher Education campus, before the campus was moved to 111 Somerset in 2023. It is within walking distance of the 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, highlights the property’s potential for use as an office or as an investment asset. It also provides an opportunity for redevelopment or asset enhancements, she adds.
Swee believes the property will benefit from the broader rejuvenation of the precinct, driven by nearby redevelopments including Union Square and CanningHill Piers. She expects the developments to further enhance footfall, vibrancy and long-term value uplift in the area.
