Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The asset makes up 2 rows of saved 1930s shophouses and a four-storey commercial block completed in 1996, with a mixed gross floor surface area of 71,338 sq ft.
Projected pedestrianisation of Merchant Road is additionally readied to boost connectivity in between the Singapore River, Fort Canning Park and Chinatown, possibly increasing ease of access and footfall all over the district.
The property sits within the Singapore River precinct, a place going through substantial improvement. It is next to City Developments Ltd’s upcoming Union Square– a large-scale mixed-use property development making up a 40-storey tower with 366 deluxe residences, an office tower, retail and co-living components. Union Square is anticipated to be done in 2029.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have actually finalized their joint obtainment of 51 Seller Road from Raffles Education for $121.8 million.
The repositioning is focused for finalization in late 2026. While protecting the architectural appearance of the conserved shophouses, the partners intend to deliver adaptable workplace floor layers with generous roof levels and adaptable layouts suited to contemporary occupiers.
Kassia Condo Tripartite Developers Pte Ltd
The joint project partners plan an extensive repair to shift the estate as a vivid, office-led mixed-use property development. Works may consist of revitalizing the façade, modernising insides and common spaces, and reconfiguring the ground level to offer curated restaurant, retail store and well-being offerings to match the shop workplace component.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is also inside a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
This marks Elevate Capital’s 2nd procurement. In October 2024, it team up with PGIM Realty to obtain the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we strive to produce a distinct atmosphere that mixes work, restaurant, health and area, whilst contributing meaningfully to the ongoing growth of the Singapore River precinct,” claims Ashish Manchharam, founder and regulating partner of Elevate Capital Group.
