Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
Projected pedestrianisation of Merchant Road is additionally readied to boost connectivity in between the Singapore River, Fort Canning Park and Chinatown, possibly enhancing accessibility and footfall around the area.
Elevate Capital Group and LaSalle Investment Management announced on Feb 27 that they have finalized their mutual obtainment of 51 Vendor Road from Raffles Education for $121.8 million.
The mutual business venture partners plan an extensive repair to shift the property as a dynamic, office-led mixed-use project. Works is going to consist of updating the exterior, modernising interiors and general areas, and reconfiguring the ground level to present curated dining, retail store and well-being offerings to match the boutique office space part.
The repositioning is intended for finalization in late 2026. While maintaining the architectural appearance of the saved shophouses, the partners intend to supply flexible workplace floor layers with reasonable roof heights and versatile layouts suited to modern tenants.
The property makes up 2 rows of saved 1930s shophouses and a four-storey commercial block completed in 1996, with a mixed gross flooring area of 71,338 sq ft.
The real estate remains within the Singapore River precinct, an area going through significant improvement. It is alongside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use property development 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.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall facing the Singapore River. It is additionally inside a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
This registers Elevate Capital’s second purchase. 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.
“Along with LaSalle, we intend to make a distinct setting that blends work, dining, wellness and community, whilst contributing meaningfully to the recurring evolution of the Singapore River precinct,” claims Ashish Manchharam, founder and supervising partner of Elevate Capital Group.
