Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
Elevate Capital Group and LaSalle Investment Management publicized on Feb 27 that they have carried out their joint procurement of 51 Merchant Road from Raffles Education for $121.8 million.
Projected pedestrianisation of Merchant Road is likewise set to improve connection in between the Singapore River, Fort Canning Park and Chinatown, possibly improving entry and footfall throughout the district.
The repositioning is intended for finalization in late 2026. While protecting the architectural appearance of the conserved shophouses, the partners aspire to provide adaptable office floor layers with good roof heights and versatile styles suited to modern-day occupiers.
The shared business venture partners plan an extensive renovation to reposition the real estate as a vivid, office-led mixed-use property development. Works will include refreshing the façade, modernising insides and general areas, and reconfiguring the ground storey to introduce curated restaurant, retail and well-being services to match the shop office space component.
The real property remains within the Singapore River precinct, an area going through substantial makeover. It is alongside City Developments Ltd’s upcoming Union Square– a large mixed-use property development making up a 40-storey tower with 366 high-end condos, a workplace tower, retail and co-living factors. Union Square is expected to be done in 2029.
The investment makes up 2 rows of conserved 1930s shophouses and a four-storey industrial block finished in 1996, with a consolidated gross floor surface area of 71,338 sq ft.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is additionally within a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stops.
This notes Elevate Capital’s second acquisition. In October 2024, it partnered with PGIM Realty to gain the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we intend to develop a distinctive atmosphere that mixes work, restaurant, health and area, whilst adding meaningfully to the ongoing evolution of the Singapore River precinct,” states Ashish Manchharam, founder and managing partner of Elevate Capital Group.
