Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The real property sits within the Singapore River precinct, a location going through considerable makeover. It is alongside City Developments Ltd’s upcoming Union Square– a large mixed-use project comprising a 40-storey tower with 366 luxury flats, an office tower, retail and co-living elements. Union Square is anticipated to be concluded in 2029.
Elevate Capital Group and LaSalle Investment Management introduced on Feb 27 that they have actually finished their united obtainment of 51 Vendor Road from Raffles Education for $121.8 million.
The shared venture partners plan a comprehensive refurbishment to rearrange the property as a vibrant, office-led mixed-use project. Works may include restoring the front, modernising insides and commonplace locations, and reconfiguring the ground level to offer curated dining, retail and wellness offerings to match the boutique office space part.
The asset comprises 2 rows of saved 1930s shophouses and a four-storey commercial block finished in 1996, with a mixed gross flooring area of 71,338 sq ft.
Projected pedestrianisation of Merchant Road is also set to enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, potentially boosting entry and footfall around the area.
The repositioning is focused for finalization in late 2026. While protecting the architectural character of the saved shophouses, the associates aspire to provide versatile workplace floor plates with generous roof levels and adaptable layouts matched to modern-day occupiers.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is also within a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stations.
“Together with LaSalle, we aim to produce a distinctive environment that blends work, dining, wellness and area, while adding meaningfully to the continuous evolution of the Singapore River precinct,” claims Ashish Manchharam, creator and regulating partner of Elevate Capital Group.
This registers Elevate Capital’s second procurement. In October 2024, it works with PGIM Real Estate to obtain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
