Rare Educational Campus on Long Term Lease Option by Tender
Savills Singapore is pleased to announce the tender launch of a 26-year lease for the German European School Singapore’s campus at 72 Bukit Tinggi Road. A renewal option for another 1 plus 1 year could be granted thereafter.
Comprising a land area of 12,097.5 sm (approximately 130,216 sq ft), the subject property accommodates 7 low-rise blocks, carpark lots, basketball court, playground and a forum with an approved Gross Floor Area totalling 8,729.97 sm (approximately 93,969 sq ft). Under the 2008 Master Plan, the site is zoned “Educational Institution”. Two of the blocks were completed in the mid 1980s while the remaining buildings were added in 2000. The campus is well kept with refurbishments and upgrading programmes being implemented in various phases.
The campus is situated near the end of the Bukit Tinggi Road amidst the tranquil lush greenery of The Swiss Club grounds. It is situated on elevated terrain and enjoys a panoramic view of the city skyline.
The subject property is nestled within an established cluster of renowned international schools namely the Hollandse School, Singapore Korean International School and Swiss School in the upscale Bukit Tinggi area characterised predominantly by Good Class Bungalows and landed housing. It is close to Bukit Timah Plaza and The Grandstand (former Turf City) where an array of amenities such as supermarkets, banks, retail offerings and F&B outlets are found. Approximately 1.5 km from the main thoroughfare of Dunearn Road, the campus is accessible from Binjai Park, Jalan Kampong Chantek and Swiss Club Road. It is approximately 20 minutes drive to the city centre via the Pan Island Expressway and Bukit Timah Expressway.
The minimum reserve price for the 26-year lease is S$39 million which translates to approximately S$415 per sq ft on the approved Gross Floor Area of 93,969 sq ft.
“The tender exercise provides a rare and exceptional opportunity for existing Foreign System Schools and new entrants to invest long term in a flagship campus located in one of the most desirable prestigious international school enclaves. This conducive educational and learning offering has adequate classrooms and facilities to support an enrolment of up to 800 students” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore who is handling the tender exercise.
She added, “With Singapore’s pursuit to become a centre for global business and higher education, there is a constant demand for international school establishments from the growing expatriate community. We expect strong interest in this attractive asset offering given that it has rarely been brought to the market coupled with increasing interest from multiple educational institutions seeking quality accommodation on a long term basis. Currently, the supply of both long term sites and temporary facilities for educational institutions is only made available by the state.”
The tender exercise will close at 4 pm on 18 November 2013.
-ends-