Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The investment includes 2 rows of preserved 1930s shophouses and a four-storey industrial block completed in 1996, with a combined gross floor area of 71,338 sq ft.
The repositioning is targeted for completion in late 2026. Whilst protecting the architectural character of the saved shophouses, the associates aim to provide flexible office floor layers with reasonable roof heights and versatile configurations suited to modern-day occupiers.
Planned pedestrianisation of Merchant Road is additionally readied to boost connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly boosting accessibility and footfall across the community.
The property remains within the Singapore River precinct, a location going through substantial 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 residences, an office high rise, retail and co-living parts. Union Square is expected to be done in 2029.
Elevate Capital Group and LaSalle Investment Management publicized on Feb 27 that they have finalized their joint purchase of 51 Merchant Road from Raffles Education for $121.8 million.
The mutual business venture partners plan an extensive refurbishment to reposition the property as a lively, office-led mixed-use project. Works may include updating the front, modernising insides and common areas, and reconfiguring the ground level to present curated restaurants, retail and wellness services to match the shop workplace part.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is likewise inside a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stops.
“Together with LaSalle, we intend to make a distinct environment that blends work, restaurant, wellness and area, whilst adding meaningfully to the ongoing development of the Singapore River precinct,” states Ashish Manchharam, ceo and regulating partner of Elevate Capital Group.
This notes Elevate Capital’s second acquisition. In October 2024, it team up with PGIM Real Estate to gain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
