Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have actually finished their joint purchase of 51 Vendor Road from Raffles Education for $121.8 million.
The repositioning is intended for finalization in late 2026. While maintaining the architectural appearance of the conserved shophouses, the associates aim to provide adaptable office floor layers with good ceiling elevations and versatile configurations matched to modern tenants.
The property positions within the Singapore River precinct, an area going through significant change. It is beside City Developments Ltd’s upcoming Union Square– a massive mixed-use development comprising a 40-storey tower with 366 luxury residences, a workplace high rise, retail and co-living parts. Union Square is expected to be concluded in 2029.
The investment makes up 2 rows of conserved 1930s shophouses and a four-storey industrial block completed in 1996, with a consolidated gross floor surface area of 71,338 sq ft.
Planned pedestrianisation of Merchant Road is additionally set to enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly boosting ease of access and footfall all over the district.
The joint business venture partners plan an extensive renovation to reposition the estate as a dynamic, office-led mixed-use project. Works may consist of revitalizing the façade, modernising interiors and general locations, and reconfiguring the ground floor to offer curated restaurants, retail store and well-being services to complement the shop workplace component.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall facing the Singapore River. It is additionally throughout a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stops.
“Together with LaSalle, we strive to create a distinctive surrounding that blends work, restaurant, wellness and community, while adding meaningfully to the recurring growth of the Singapore River precinct,” states Ashish Manchharam, ceo and managing associate of Elevate Capital Group.
This registers Elevate Capital’s 2nd acquisition. In October 2024, it team up with PGIM Real Estate to get the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
