Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The repositioning is targeted for completion in late 2026. While protecting the architectural character of the preserved shophouses, the partners intend to provide versatile office floor layers with reasonable roof elevations and versatile layouts fit to modern-day occupants.
The investment includes 2 rows of saved 1930s shophouses and a four-storey industrial block finished in 1996, with a consolidated gross floor area of 71,338 sq ft.
The shared project partners plan a comprehensive renovation to reposition the estate as a vibrant, office-led mixed-use project. Works may consist of revitalizing the façade, modernising insides and commonplace areas, and reconfiguring the ground storey to offer curated restaurant, retail store and well-being services to complement the shop office part.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have completed their joint acquisition of 51 Merchant Road from Raffles Education for $121.8 million.
Planned pedestrianisation of Merchant Road is likewise readied to enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, potentially increasing accessibility and footfall around the area.
The real property remains within the Singapore River precinct, a place going through considerable improvement. It is beside City Developments Ltd’s upcoming Union Square– a massive mixed-use project making up a 40-storey tower with 366 high-end condos, an office high rise, retail and co-living parts. Union Square is expected to be completed in 2029.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is additionally inside a 4- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT terminals.
This marks Elevate Capital’s 2nd purchase. In October 2024, it team up with PGIM Realty to obtain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we intend to create a distinct setting that blends work, restaurant, wellness and community, whilst adding meaningfully to the recurring development of the Singapore River precinct,” claims Ashish Manchharam, ceo and supervising partner of Elevate Capital Group.
