Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Fiona Cho, chief running officer and higher account manager at PGIM Property, adds: “As the global property market reaches an inflection point, investors are trying to re-enter the marketplace trying to find value-add possibilities with strong revenue potential.
” Stamford Court’s key place and outstanding connectivity offer notable capacity for its improvement into a vibrant, creative center.”
” As our maiden assets, Stamford Court provides the potential to display our capability in re-imagining traditional usages of property,” mentions Ashish Manchharam, regulating partner of Elevate Capital Group, in an Oct 24 press release.
Other neighboring spots consist of the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute ride away from the CBD and the Orchard Road e-commerce belt.
Following the acquisition, the shared effort plans to transform the commercial property right into a mixed-use property development with living, co-working, and lifestyle elements.
Situated in Singapore’s downtown core, Stamford Court lies inside of walking distance of 3 MRT stations– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Downtown Line.
Stamford Court is a four-storey business establishment with 62,900 sq ft of final lettable part placed at 61 Stamford Roadway. It presently functions as a workplace with ground-floor retail store units. Completed in 1996, the structure has a 99-year rent from 1994.
SingLand first announced the sale of its 100% interest in completely owned subsidiary UIC Land, that manages Stamford Court, in August.
Spark61, a shared project involving Singapore-based property investment firm Elevate Capital Group and PGIM Realty– the property purchase arm of global investment supervisor PGIM– has completed its $132 million purchase of Stamford Court from Singapore Land Group (SingLand).
