Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The investment makes up two rows of saved 1930s shophouses and a four-storey industrial block completed in 1996, with a consolidated gross floor area of 71,338 sq ft.
The repositioning is focused for completion in late 2026. While maintaining the architectural appearance of the conserved shophouses, the associates aim to supply adaptable office floor layers with generous ceiling heights and adaptable configurations suited to modern occupants.
The joint venture partners plan a comprehensive refurbishment to rearrange the property as a vibrant, office-led mixed-use development. Works will likely include refreshing the exterior, modernising insides and commonplace locations, and reconfiguring the ground level to present curated restaurant, retail store and wellness services to complement the boutique office part.
Planned pedestrianisation of Merchant Road is also readied to improve connection between the Singapore River, Fort Canning Park and Chinatown, possibly improving accessibility and footfall across the community.
The real estate remains within the Singapore River precinct, an area undertaking significant improvement. It is next to City Developments Ltd’s upcoming Union Square– a large mixed-use project making up a 40-storey tower with 366 deluxe residences, an office high rise, retail and co-living components. Union Square is expected to be finished in 2029.
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have actually finalized their mutual obtainment of 51 Vendor Road from Raffles Education for $121.8 million.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is likewise throughout a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stations.
This registers Elevate Capital’s second acquisition. In October 2024, it partnered with PGIM Realty to gain the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we intend to develop a distinctive environment that mixes work, restaurant, health and community, whilst contributing meaningfully to the ongoing growth of the Singapore River precinct,” claims Ashish Manchharam, creator and regulating associate of Elevate Capital Group.
