Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
Planned pedestrianisation of Merchant Road is likewise set to boost connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly boosting entry and footfall around the community.
The real property sits within the Singapore River precinct, an area undertaking significant change. It is alongside City Developments Ltd’s upcoming Union Square– a large mixed-use property development consisting of a 40-storey tower with 366 luxury flats, an office tower, retail and co-living components. Union Square is expected to be done in 2029.
The repositioning is intended for finalization in late 2026. While preserving the architectural appearance of the preserved shophouses, the associates aim to deliver versatile office floor plates with generous ceiling elevations and versatile layouts matched to modern occupiers.
The joint project partners plan an extensive renovation to shift the property as a lively, office-led mixed-use property development. Works will consist of refreshing the exterior, modernising insides and common spots, and reconfiguring the ground floor to offer curated restaurant, retail store and wellness offerings to complement the store office element.
The property comprises 2 rows of saved 1930s shophouses and a four-storey commercial block completed in 1996, with a consolidated gross floor area of 71,338 sq ft.
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have actually finalized their united procurement of 51 Merchant Road from Raffles Education for $121.8 million.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is also within a 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stations.
This notes Elevate Capital’s 2nd procurement. In October 2024, it team up with PGIM Realty to get the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Along with LaSalle, we aim to make a distinct environment that mixes work, dining, health and community, while contributing meaningfully to the continuous development of the Singapore River precinct,” says Ashish Manchharam, ceo and regulating partner of Elevate Capital Group.
