Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The real estate sits within the Singapore River precinct, an area going through considerable transformation. It is alongside City Developments Ltd’s upcoming Union Square– a large mixed-use property development comprising a 40-storey tower with 366 luxury condos, an office tower, retail and co-living parts. Union Square is anticipated to be concluded in 2029.
Planned pedestrianisation of Merchant Road is also readied to boost connectivity in between the Singapore River, Fort Canning Park and Chinatown, potentially increasing entry and footfall throughout the area.
The repositioning is targeted for finalization in late 2026. Whilst preserving the architectural character of the preserved shophouses, the partners intend to provide versatile workplace floor plates with generous roof levels and versatile configurations matched to modern occupiers.
Elevate Capital Group and LaSalle Investment Management introduced on Feb 27 that they have actually finished their mutual obtainment of 51 Vendor Road from Raffles Education for $121.8 million.
The investment includes 2 rows of saved 1930s shophouses and a four-storey industrial block completed in 1996, with a mixed gross floor area of 71,338 sq ft.
The mutual venture partners plan a comprehensive renovation to reposition the property as a vivid, office-led mixed-use project. Works will likely include restoring the exterior, modernising interiors and commonplace spots, and reconfiguring the ground level to offer curated dining, retail and wellness services to complement the shop office space component.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is also inside a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
This marks Elevate Capital’s 2nd purchase. In October 2024, it partnered with PGIM Real Estate to acquire the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we aim to make an unique atmosphere that blends work, dining, health and community, whilst adding meaningfully to the ongoing growth of the Singapore River precinct,” says Ashish Manchharam, ceo and managing partner of Elevate Capital Group.
