Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The mutual business venture partners plan an extensive repair to rearrange the property as a vivid, office-led mixed-use project. Works will consist of revitalizing the façade, modernising insides and common spaces, and reconfiguring the ground storey to introduce curated dining, retail store and well-being offerings to match the boutique workplace component.
The asset includes two rows of conserved 1930s shophouses and a four-storey commercial block finished in 1996, with a combined gross floor area of 71,338 sq ft.
The real estate sits within the Singapore River precinct, a place going through significant change. It is next to City Developments Ltd’s upcoming Union Square– a massive mixed-use property development making up a 40-storey tower with 366 luxury condos, an office high rise, retail and co-living factors. 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 mutual purchase of 51 Merchant Road from Raffles Education for $121.8 million.
Projected pedestrianisation of Merchant Road is also readied to boost connection in between the Singapore River, Fort Canning Park and Chinatown, possibly increasing ease of access and footfall throughout the area.
The repositioning is targeted for conclusion in late 2026. Whilst preserving the architectural appearance of the saved shophouses, the associates aim to deliver flexible workplace floor layers with reasonable roof heights and versatile layouts fit to contemporary occupiers.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall facing the Singapore River. It is additionally inside a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stations.
This notes Elevate Capital’s second acquisition. In October 2024, it partnered with PGIM Real Estate to get the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we strive to develop a distinctive surrounding that blends work, dining, health and neighborhood, whilst adding meaningfully to the recurring growth of the Singapore River precinct,” claims Ashish Manchharam, founder and supervising partner of Elevate Capital Group.
