Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The property sits within the Singapore River precinct, a place undertaking considerable improvement. It is alongside City Developments Ltd’s upcoming Union Square– a massive mixed-use development comprising a 40-storey tower with 366 deluxe residences, a workplace high rise, retail and co-living components. Union Square is anticipated to be done in 2029.
The shared business venture partners plan an extensive renovation to shift the estate as a vivid, office-led mixed-use project. Works will likely include updating the exterior, modernising interiors and common areas, and reconfiguring the ground storey to introduce curated dining, retail and well-being offerings to match the store workplace element.
The property consists of two rows of conserved 1930s shophouses and a four-storey business block completed in 1996, with a consolidated gross floor surface area of 71,338 sq ft.
The repositioning is targeted for finalization in late 2026. While maintaining the architectural character of the conserved shophouses, the associates intend to supply adaptable workplace floor plates with generous ceiling levels and versatile styles fit to modern-day occupiers.
Elevate Capital Group and LaSalle Investment Management publicized on Feb 27 that they have finalized their shared procurement of 51 Vendor Road from Raffles Education for $121.8 million.
Planned pedestrianisation of Merchant Road is also set to boost connection between the Singapore River, Fort Canning Park and Chinatown, potentially enhancing accessibility and footfall across the community.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall facing the Singapore River. It is likewise within a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT terminals.
“Together with LaSalle, we aim to develop a distinctive environment that mixes work, dining, health and neighborhood, whilst adding meaningfully to the ongoing evolution of the Singapore River precinct,” states Ashish Manchharam, creator and managing partner of Elevate Capital Group.
This marks Elevate Capital’s second acquisition. In October 2024, it works with PGIM Realty to get the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
