The company had put 51 Merchant Road, dubbed Raffles Education Square, as far back in 2021, for $200 million.
Raffles Education has finally sold its property at 51 Merchant Road for $121.8 million, below its market valuation of $152.7 million.
Nonetheless, this deal will still allow the company to recognise net proceeds of $121.3 million, plus a gain on disposal of some $53 million, given that the property is carried on its books at $68.3 million.
