Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have actually carried out their joint purchase of 51 Merchant Road from Raffles Education for $121.8 million.
Planned pedestrianisation of Merchant Road is likewise readied to improve connection in between the Singapore River, Fort Canning Park and Chinatown, possibly boosting accessibility and footfall across the area.
The repositioning is focused for completion in late 2026. While preserving the architectural appearance of the conserved shophouses, the associates aim to supply adaptable workplace floor layers with reasonable roof elevations and adaptable configurations matched to contemporary tenants.
The mutual business venture partners plan a comprehensive renovation to shift the property as a vibrant, office-led mixed-use project. Works will include refreshing the front, modernising insides and general areas, and reconfiguring the ground level to offer curated restaurant, retail store and well-being services to match the shop workplace part.
The asset makes up 2 rows of conserved 1930s shophouses and a four-storey commercial block completed in 1996, with a mixed gross floor area of 71,338 sq ft.
The real property sits within the Singapore River precinct, an area going through significant makeover. It is next to City Developments Ltd’s upcoming Union Square– a large-scale mixed-use property development making up a 40-storey tower with 366 deluxe residences, an office high rise, retail and co-living components. Union Square is expected to be done in 2029.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall facing the Singapore River. It is additionally throughout a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stops.
This marks Elevate Capital’s 2nd purchase. In October 2024, it partnered with PGIM Real Estate to get the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Along with LaSalle, we intend to produce an unique atmosphere that mixes work, dining, health and community, whilst contributing meaningfully to the continuous evolution of the Singapore River precinct,” states Ashish Manchharam, founder and regulating associate of Elevate Capital Group.
