Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The property remains within the Singapore River precinct, an area undertaking considerable change. It is beside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use development making up a 40-storey tower with 366 deluxe condos, an office tower, retail and co-living parts. Union Square is expected to be finished in 2029.
The joint project partners plan a comprehensive renovation to reposition the property as a vibrant, office-led mixed-use project. Works is going to include restoring the façade, modernising insides and commonplace spaces, and reconfiguring the ground floor to offer curated restaurant, retail store and well-being offerings to match the boutique office component.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have actually completed their shared purchase of 51 Seller Road from Raffles Education for $121.8 million.
The repositioning is intended for conclusion in late 2026. While maintaining the architectural character of the preserved shophouses, the associates intend to provide adaptable office floor layers with good ceiling heights and versatile styles suited to contemporary occupiers.
Projected pedestrianisation of Merchant Road is also readied to improve connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly enhancing entry and footfall around the community.
The asset includes 2 rows of saved 1930s shophouses and a four-storey industrial block finished in 1996, with a mixed gross flooring area of 71,338 sq ft.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall facing the Singapore River. It is likewise inside a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stops.
This notes Elevate Capital’s 2nd purchase. In October 2024, it team up with PGIM Realty to get the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we intend to create a distinct atmosphere that mixes work, restaurant, health and area, while contributing meaningfully to the continuous growth of the Singapore River precinct,” says Ashish Manchharam, creator and regulating partner of Elevate Capital Group.
