Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The shared project partners plan a comprehensive refurbishment to reposition the property as a dynamic, office-led mixed-use project. Works may consist of revitalizing the exterior, modernising interiors and common locations, and reconfiguring the ground level to offer curated dining, retail store and well-being services to complement the store workplace component.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have completed their joint acquisition of 51 Seller Road from Raffles Education for $121.8 million.
The property comprises two rows of saved 1930s shophouses and a four-storey commercial block completed in 1996, with a mixed gross flooring area of 71,338 sq ft.
The real estate positions within the Singapore River precinct, a place undertaking substantial transformation. It is beside City Developments Ltd’s upcoming Union Square– a large mixed-use property development comprising a 40-storey tower with 366 deluxe flats, an office tower, retail and co-living parts. Union Square is anticipated to be finished in 2029.
Projected pedestrianisation of Merchant Road is likewise readied to enhance connection between the Singapore River, Fort Canning Park and Chinatown, potentially boosting ease of access and footfall all over the area.
The repositioning is targeted for completion in late 2026. Whilst maintaining the architectural appearance of the saved shophouses, the associates aspire to provide adaptable office floor plates with reasonable ceiling heights and versatile layouts suited to contemporary tenants.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall fronting the Singapore River. It is also within a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stops.
“Along with LaSalle, we intend to create a distinctive surrounding that blends work, restaurant, health and area, while contributing meaningfully to the recurring development of the Singapore River precinct,” states Ashish Manchharam, ceo and managing associate of Elevate Capital Group.
This registers Elevate Capital’s second purchase. In October 2024, it works with PGIM Realty to get the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
