Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court

Situated in Singapore’s downtown base, Stamford Court is located within walking range of 3 MRT terminals– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Midtown Line.

Stamford Court is a four-storey commercial structure with 62,900 sq ft of net lettable part located at 61 Stamford Road. It presently operates as an office with ground-floor market units. Completed in 1996, the structure has a 99-year contract from 1994.

SingLand first announced the sale of its 100% interest in completely acquired part UIC Land, that runs Stamford Court, in August.

” Stamford Court’s strategic place and outstanding connectivity give major capacity for its modification into a vibrant, innovative centre.”

” As our maiden assets, Stamford Court offers the possible to display our capacity in re-imagining traditional uses of real estate,” states Ashish Manchharam, managing associate of Elevate Capital Group, in an Oct 24 statement.

Coastal Cabana showflat location

Spark61, a mutual venture involving Singapore-based realty investment firm Elevate Capital Group and PGIM Property– the real estate venture arm of multinational asset supervisor PGIM– has actually completed its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).

Other nearby landmarks include the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute travel away from the CBD and the Orchard Roadway e-commerce belt.

Following the purchase, the joint venture intends to transform the commercial building right into a mixed-use property development with dwelling, co-working, and living style parts.

Fiona Cho, chief operating officer and senior accounts manager at PGIM Property, adds in: “As the global real estate industry reaches an inflection stage, investors are trying to re-enter the marketplace in search of value-add possibilities with strong income possibility.