Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The shared venture partners plan an extensive refurbishment to rearrange the property as a lively, office-led mixed-use property development. Works is going to consist of restoring the exterior, modernising insides and common spots, and reconfiguring the ground storey to offer curated restaurants, retail store and wellness services to match the store office part.
The repositioning is intended for completion in late 2026. While protecting the architectural appearance of the preserved shophouses, the partners aim to provide adaptable office floor plates with reasonable roof elevations and adaptable configurations matched to modern tenants.
Planned pedestrianisation of Merchant Road is also readied to boost connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly increasing entry and footfall all over the district.
The real property positions within the Singapore River precinct, a place undertaking substantial change. It is next to City Developments Ltd’s upcoming Union Square– a large-scale mixed-use development consisting of a 40-storey tower with 366 high-end apartments, a workplace high rise, retail and co-living elements. Union Square is expected to be done in 2029.
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have actually finished their shared acquisition of 51 Seller Road from Raffles Education for $121.8 million.
The investment makes up two rows of saved 1930s shophouses and a four-storey industrial block finished in 1996, with a combined gross floor surface area of 71,338 sq ft.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is additionally within a 4- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT terminals.
“Along with LaSalle, we intend to create a distinctive setting that mixes work, restaurant, health and neighborhood, while contributing meaningfully to the recurring evolution of the Singapore River precinct,” claims Ashish Manchharam, creator and regulating affiliate of Elevate Capital Group.
This notes Elevate Capital’s 2nd procurement. In October 2024, it partnered with PGIM Realty to get the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
