Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The investment consists of two rows of conserved 1930s shophouses and a four-storey business block finished in 1996, with a combined gross floor surface area of 71,338 sq ft.
The repositioning is focused for finalization in late 2026. Whilst preserving the architectural character of the preserved shophouses, the partners aspire to deliver versatile office floor plates with reasonable roof elevations and versatile styles matched to contemporary tenants.
Planned pedestrianisation of Merchant Road is likewise readied to improve connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly increasing accessibility and footfall all over the community.
The property positions within the Singapore River precinct, an area undergoing considerable makeover. It is alongside City Developments Ltd’s upcoming Union Square– a large mixed-use property development comprising a 40-storey tower with 366 deluxe condos, a workplace tower, retail and co-living factors. Union Square is anticipated to be completed in 2029.
The joint venture partners plan an extensive refurbishment to reposition the estate as a vibrant, office-led mixed-use property development. Works is going to include revitalizing the exterior, modernising insides and commonplace spots, and reconfiguring the ground level to introduce curated restaurants, retail store and wellness offerings to complement the boutique office component.
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have actually finalized their joint obtainment of 51 Merchant Road from Raffles Education for $121.8 million.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is additionally inside a 4- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT terminals.
“Along with LaSalle, we strive to produce an unique setting that mixes work, dining, wellness and neighborhood, whilst contributing meaningfully to the continuous evolution of the Singapore River precinct,” states Ashish Manchharam, ceo and regulating partner of Elevate Capital Group.
This registers Elevate Capital’s second acquisition. In October 2024, it partnered with PGIM Real Estate to gain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
