Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The repositioning is focused for completion in late 2026. While protecting the architectural character of the preserved shophouses, the partners aspire to deliver flexible office floor layers with good roof elevations and versatile layouts fit to modern-day occupants.
Elevate Capital Group and LaSalle Investment Management released on Feb 27 that they have actually finished their united obtainment of 51 Seller Road from Raffles Education for $121.8 million.
The asset includes two rows of conserved 1930s shophouses and a four-storey business block completed in 1996, with a consolidated gross floor area of 71,338 sq ft.
Planned pedestrianisation of Merchant Road is likewise readied to improve connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly enhancing ease of access and footfall across the community.
The property positions within the Singapore River precinct, a location undergoing significant transformation. It is beside City Developments Ltd’s upcoming Union Square– a massive mixed-use development making up a 40-storey tower with 366 luxury condos, a workplace high rise, retail and co-living components. Union Square is anticipated to be done in 2029.
The shared business venture partners plan a comprehensive refurbishment to reposition the estate as a vivid, office-led mixed-use development. Works is going to include refreshing the front, modernising insides and common areas, and reconfiguring the ground floor to present curated dining, retail and well-being offerings to complement the boutique workplace part.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is also inside a 4- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stops.
“Along with LaSalle, we aim to create a distinctive atmosphere that mixes work, restaurant, wellness and area, whilst contributing meaningfully to the continuous development of the Singapore River precinct,” says Ashish Manchharam, creator and supervising affiliate of Elevate Capital Group.
This registers Elevate Capital’s second purchase. In October 2024, it partnered with PGIM Real Estate to acquire the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
