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, a place undertaking substantial improvement. It is beside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use project consisting of a 40-storey tower with 366 luxury apartments, a workplace high rise, retail and co-living elements. Union Square is anticipated to be done in 2029.
The mutual project partners plan an extensive refurbishment to reposition the real estate as a lively, office-led mixed-use project. Works will likely consist of refreshing the exterior, modernising insides and general spaces, and reconfiguring the ground floor to introduce curated restaurant, retail and wellness offerings to match the store office element.
The repositioning is intended for finalization in late 2026. While protecting the architectural character of the preserved shophouses, the partners aspire to supply adaptable workplace floor plates with generous ceiling levels and versatile styles fit to modern-day occupiers.
The investment comprises 2 rows of preserved 1930s shophouses and a four-storey business block finished in 1996, with a combined gross floor area of 71,338 sq ft.
Elevate Capital Group and LaSalle Investment Management introduced on Feb 27 that they have finished their united acquisition of 51 Merchant Road from Raffles Education for $121.8 million.
Planned pedestrianisation of Merchant Road is also readied to improve connectivity in between the Singapore River, Fort Canning Park and Chinatown, possibly increasing accessibility and footfall around the area.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center facing the Singapore River. It is also within a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stops.
“Together with LaSalle, we aim to develop a distinct atmosphere that blends work, dining, wellness and area, while adding meaningfully to the continuous growth of the Singapore River precinct,” states Ashish Manchharam, ceo and regulating affiliate of Elevate Capital Group.
This marks Elevate Capital’s 2nd acquisition. 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.
