Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The investment consists of two rows of conserved 1930s shophouses and a four-storey business block finished in 1996, with a mixed gross floor area of 71,338 sq ft.
The repositioning is targeted for conclusion in late 2026. Whilst preserving the architectural appearance of the saved shophouses, the partners aim to supply flexible workplace floor plates with reasonable ceiling heights and versatile configurations suited to modern-day tenants.
Planned pedestrianisation of Merchant Road is also readied to enhance connection in between the Singapore River, Fort Canning Park and Chinatown, possibly boosting ease of access and footfall across the community.
The property positions within the Singapore River precinct, a location undergoing significant improvement. It is beside City Developments Ltd’s upcoming Union Square– a large mixed-use property development making up a 40-storey tower with 366 luxury residences, an office tower, retail and co-living elements. Union Square is expected to be finished in 2029.
Elevate Capital Group and LaSalle Investment Management publicized on Feb 27 that they have carried out their joint acquisition of 51 Vendor Road from Raffles Education for $121.8 million.
The mutual venture partners plan an extensive renovation to shift the property as a dynamic, office-led mixed-use property development. Works will include restoring the façade, modernising interiors and general spaces, and reconfiguring the ground level to present curated dining, retail and wellness offerings to match the shop office space component.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall fronting the Singapore River. It is likewise inside a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stations.
“Along with LaSalle, we intend to develop an unique environment that mixes work, restaurant, health and area, whilst adding meaningfully to the recurring growth of the Singapore River precinct,” states Ashish Manchharam, creator and managing partner of Elevate Capital Group.
This notes Elevate Capital’s second purchase. In October 2024, it works with PGIM Real Estate to obtain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
