Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The real property remains within the Singapore River precinct, a place undergoing substantial improvement. It is alongside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use development consisting of a 40-storey tower with 366 luxury residences, a workplace high rise, retail and co-living components. Union Square is expected to be concluded in 2029.
The mutual venture partners plan a comprehensive repair to reposition the estate as a vibrant, office-led mixed-use project. Works will likely consist of restoring the front, modernising interiors and general spots, and reconfiguring the ground storey to present curated dining, retail and wellness offerings to complement the shop office element.
The repositioning is intended for conclusion in late 2026. While protecting the architectural character of the conserved shophouses, the partners aim to provide adaptable workplace floor plates with good ceiling levels and adaptable styles matched to contemporary tenants.
The Arcady @ Boon Keng KSH Holdings Limited
Planned pedestrianisation of Merchant Road is likewise readied to enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, potentially boosting accessibility and footfall all over the community.
The investment makes up two rows of saved 1930s shophouses and a four-storey commercial block completed in 1996, with a mixed gross floor surface area of 71,338 sq ft.
Elevate Capital Group and LaSalle Investment Management announced on Feb 27 that they have actually completed 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 mall facing the Singapore River. It is additionally inside a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
This marks Elevate Capital’s second purchase. In October 2024, it works with PGIM Real Estate to obtain the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we intend to create a distinctive environment that mixes work, restaurant, health and neighborhood, whilst adding meaningfully to the recurring development of the Singapore River precinct,” says Ashish Manchharam, ceo and supervising affiliate of Elevate Capital Group.
