Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The investment comprises two rows of saved 1930s shophouses and a four-storey commercial block finished in 1996, with a mixed gross floor surface area of 71,338 sq ft.
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have finalized their mutual obtainment of 51 Merchant Road from Raffles Education for $121.8 million.
The joint project partners plan a comprehensive repair to shift the real estate as a dynamic, office-led mixed-use project. Works may include refreshing the exterior, modernising interiors and general locations, and reconfiguring the ground storey to present curated restaurant, retail and well-being services to complement the boutique office space component.
Planned pedestrianisation of Merchant Road is additionally set to boost connectivity in between the Singapore River, Fort Canning Park and Chinatown, possibly boosting entry and footfall all over the area.
The repositioning is targeted for conclusion in late 2026. While maintaining the architectural appearance of the conserved shophouses, the partners intend to supply versatile office floor layers with good roof heights and adaptable layouts matched to modern occupants.
The real estate positions within the Singapore River precinct, a location undertaking substantial transformation. It is beside City Developments Ltd’s upcoming Union Square– a massive mixed-use project making up a 40-storey tower with 366 deluxe flats, an office tower, retail and co-living parts. Union Square is expected to be finished in 2029.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is likewise throughout a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stops.
“Together with LaSalle, we intend to develop a distinctive setting that mixes work, dining, health and community, whilst adding meaningfully to the ongoing development of the Singapore River precinct,” says Ashish Manchharam, creator and regulating associate of Elevate Capital Group.
This notes Elevate Capital’s 2nd purchase. In October 2024, it team up with PGIM Realty to acquire the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
