Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The real estate remains within the Singapore River precinct, an area undertaking considerable makeover. It is next to City Developments Ltd’s upcoming Union Square– a large-scale mixed-use project consisting of a 40-storey tower with 366 luxury flats, an office high rise, retail and co-living components. Union Square is expected to be done in 2029.
The repositioning is targeted for conclusion in late 2026. While maintaining the architectural character of the preserved shophouses, the associates intend to supply flexible workplace floor plates with good ceiling elevations and versatile configurations fit to contemporary occupants.
Lentor Gardens Residences Singapore
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have finished their united acquisition of 51 Merchant Road from Raffles Education for $121.8 million.
Projected pedestrianisation of Merchant Road is additionally set to enhance connection in between the Singapore River, Fort Canning Park and Chinatown, possibly boosting accessibility and footfall across the area.
The property makes up two rows of saved 1930s shophouses and a four-storey industrial block completed in 1996, with a combined gross flooring area of 71,338 sq ft.
The mutual venture partners plan an extensive refurbishment to reposition the property as a vivid, office-led mixed-use project. Works will include revitalizing the exterior, modernising interiors and general spots, and reconfiguring the ground level to offer curated restaurant, retail store and well-being services to complement the shop workplace element.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall facing the Singapore River. It is additionally within a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stops.
“Along with LaSalle, we aim to produce a distinctive atmosphere that blends work, restaurant, health and community, while contributing meaningfully to the continuous evolution of the Singapore River precinct,” says Ashish Manchharam, creator and managing partner of Elevate Capital Group.
This registers Elevate Capital’s second procurement. In October 2024, it works with PGIM Real Estate to get the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
