Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Found in Singapore’s downtown base, Stamford Court lies within walking range of 3 MRT terminals– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Midtown Line.
Other close-by spots consist of the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute travel away from the CBD and the Orchard Road shopping belt.
” Stamford Court’s strategic location and excellent connectivity offer substantial potential for its improvement into a vibrant, innovative hub.”
” As our maiden investment, Stamford Court offers the potential to showcase our capability in re-imagining conventional uses of realty,” says Ashish Manchharam, managing associate of Elevate Capital Group, in an Oct 24 press release.
Spark61, a mutual project involving Singapore-based realty investment firm Elevate Capital Group and PGIM Property– the estate purchase arm of global investment administrator PGIM– has completed its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).
SingLand first announced the sale of its 100% interest in completely acquired part UIC Land, that manages Stamford Court, in August.
Following the purchase, the conjoint venture plans to improve the business property right into a mixed-use property development with dwelling, co-working, and lifestyle components.
Fiona Cho, chief running expert and senior account manager at PGIM Realty, adds in: “As the international property industry achieves an inflection level, investors are looking to re-enter the marketplace trying to find value-add opportunities with strong earnings opportunity.
Stamford Court is a four-storey business establishment with 62,900 sq ft of net lettable space situated at 61 Stamford Road. It currently operates as a workplace with ground-floor market units. Completed in 1996, the structure has a 99-year contract from 1994.
