Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The real property remains within the Singapore River precinct, a location undergoing significant change. It is next to City Developments Ltd’s upcoming Union Square– a large mixed-use project making up a 40-storey tower with 366 high-end flats, an office tower, retail and co-living parts. Union Square is expected to be concluded in 2029.
Elevate Capital Group and LaSalle Investment Management introduced on Feb 27 that they have actually carried out their joint purchase of 51 Merchant Road from Raffles Education for $121.8 million.
The shared business venture partners plan a comprehensive repair to rearrange the property as a vibrant, office-led mixed-use property development. Works may consist of refreshing the front, modernising insides and commonplace spaces, and reconfiguring the ground level to introduce curated dining, retail and wellness offerings to complement the store workplace element.
The repositioning is intended for finalization in late 2026. Whilst protecting the architectural character of the conserved shophouses, the partners aspire to deliver flexible office floor layers with generous roof levels and versatile configurations fit to modern occupiers.
Projected pedestrianisation of Merchant Road is also readied to improve connectivity in between the Singapore River, Fort Canning Park and Chinatown, possibly improving ease of access and footfall across the district.
The investment includes two rows of conserved 1930s shophouses and a four-storey commercial block finished in 1996, with a combined gross floor surface area of 71,338 sq ft.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall facing the Singapore River. It is additionally inside a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
“Together with LaSalle, we intend to make an unique surrounding that mixes work, restaurant, wellness and area, while adding meaningfully to the ongoing evolution of the Singapore River precinct,” claims Ashish Manchharam, ceo and managing partner of Elevate Capital Group.
This marks Elevate Capital’s second procurement. In October 2024, it team up with PGIM Realty to get the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
