Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The investment includes two rows of preserved 1930s shophouses and a four-storey industrial block completed in 1996, with a mixed gross floor area of 71,338 sq ft.
Planned pedestrianisation of Merchant Road is additionally set to enhance connection in between the Singapore River, Fort Canning Park and Chinatown, possibly enhancing entry and footfall across the community.
Elevate Capital Group and LaSalle Investment Management publicized on Feb 27 that they have finalized their joint procurement of 51 Vendor Road from Raffles Education for $121.8 million.
The mutual project partners plan a comprehensive renovation to rearrange the estate as a dynamic, office-led mixed-use development. Works may consist of refreshing the front, modernising insides and general spaces, and reconfiguring the ground storey to introduce curated restaurant, retail and well-being services to complement the store office part.
The real property remains within the Singapore River precinct, a location undertaking considerable transformation. It is next to City Developments Ltd’s upcoming Union Square– a large mixed-use project making up a 40-storey tower with 366 luxury apartments, a workplace high rise, retail and co-living parts. Union Square is expected to be finished in 2029.
The repositioning is focused for finalization in late 2026. While maintaining the architectural appearance of the preserved shophouses, the partners intend to deliver flexible workplace floor layers with good ceiling levels and adaptable styles matched to contemporary tenants.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is also throughout a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
This notes Elevate Capital’s 2nd 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.
“Along with LaSalle, we strive to create a distinctive surrounding that mixes work, restaurant, wellness and area, whilst adding meaningfully to the recurring growth of the Singapore River precinct,” states Ashish Manchharam, founder and supervising partner of Elevate Capital Group.
