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 improve connection between the Singapore River, Fort Canning Park and Chinatown, potentially improving entry and footfall across the community.
The real property remains within the Singapore River precinct, a location undergoing considerable improvement. It is next to City Developments Ltd’s upcoming Union Square– a massive mixed-use project making up a 40-storey tower with 366 deluxe flats, a workplace tower, retail and co-living factors. Union Square is expected to be completed in 2029.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have finished their mutual purchase of 51 Merchant Road from Raffles Education for $121.8 million.
The repositioning is targeted for finalization in late 2026. While maintaining the architectural character of the conserved shophouses, the associates aspire to provide versatile workplace floor plates with reasonable roof elevations and adaptable styles fit to modern occupiers.
The property includes two rows of preserved 1930s shophouses and a four-storey industrial block completed in 1996, with a mixed gross floor surface area of 71,338 sq ft.
The mutual venture partners plan a comprehensive repair to reposition the real estate as a dynamic, office-led mixed-use property development. Works is going to consist of restoring the façade, modernising interiors and general spaces, and reconfiguring the ground storey to introduce curated restaurants, retail and wellness services to complement the store office space component.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall facing the Singapore River. It is also throughout a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT terminals.
“Along with LaSalle, we strive to develop a distinct surrounding that mixes work, dining, wellness and area, whilst contributing meaningfully to the recurring growth of the Singapore River precinct,” says Ashish Manchharam, founder and regulating associate of Elevate Capital Group.
This notes Elevate Capital’s second procurement. In October 2024, it team up with PGIM Real Estate to gain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
