Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The asset consists of two rows of saved 1930s shophouses and a four-storey commercial block completed in 1996, with a combined gross flooring area of 71,338 sq ft.
The shared project partners plan an extensive refurbishment to rearrange the real estate as a vivid, office-led mixed-use project. Works is going to include refreshing the front, modernising insides and general spots, and reconfiguring the ground level to introduce curated restaurant, retail and wellness services to match the boutique workplace part.
The real estate sits within the Singapore River precinct, a location undertaking considerable makeover. It is next to City Developments Ltd’s upcoming Union Square– a large mixed-use property development consisting of a 40-storey tower with 366 luxury residences, an office tower, retail and co-living components. Union Square is anticipated to be concluded in 2029.
Projected pedestrianisation of Merchant Road is likewise set to improve connectivity in between the Singapore River, Fort Canning Park and Chinatown, potentially improving ease of access and footfall across the area.
The repositioning is focused for conclusion in late 2026. While protecting the architectural appearance of the saved shophouses, the partners aim to supply versatile office floor plates with reasonable ceiling heights and adaptable configurations matched to modern-day occupiers.
Elevate Capital Group and LaSalle Investment Management introduced on Feb 27 that they have actually completed their shared procurement of 51 Seller Road from Raffles Education for $121.8 million.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall fronting the Singapore River. It is additionally throughout a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
“Together with LaSalle, we intend to make a distinctive atmosphere that mixes work, restaurant, wellness and area, while adding meaningfully to the recurring development of the Singapore River precinct,” states Ashish Manchharam, ceo and managing associate of Elevate Capital Group.
This notes Elevate Capital’s 2nd procurement. In October 2024, it team up with PGIM Realty to gain the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
