Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The property makes up 2 rows of saved 1930s shophouses and a four-storey industrial block finished in 1996, with a combined gross floor surface area of 71,338 sq ft.
The property positions within the Singapore River precinct, a place undertaking significant transformation. It is beside City Developments Ltd’s upcoming Union Square– a large mixed-use project making up a 40-storey tower with 366 deluxe condos, an office high rise, retail and co-living components. Union Square is expected to be concluded in 2029.
The mutual venture partners plan an extensive renovation to shift the estate as a dynamic, office-led mixed-use development. Works is going to include restoring the front, modernising interiors and common spots, and reconfiguring the ground level to introduce curated dining, retail store and well-being services to complement the store workplace part.
The repositioning is focused for completion in late 2026. While preserving the architectural appearance of the preserved shophouses, the associates aim to supply flexible office floor layers with good roof heights and versatile layouts fit to contemporary tenants.
Planned pedestrianisation of Merchant Road is additionally set to boost connection between the Singapore River, Fort Canning Park and Chinatown, potentially improving entry and footfall across the district.
Elevate Capital Group and LaSalle Investment Management announced on Feb 27 that they have finished their joint acquisition of 51 Vendor Road from Raffles Education for $121.8 million.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is also inside a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stations.
“Together with LaSalle, we intend to make a distinctive surrounding that mixes work, restaurant, wellness and neighborhood, while contributing meaningfully to the continuous evolution of the Singapore River precinct,” says Ashish Manchharam, creator and regulating associate of Elevate Capital Group.
This marks Elevate Capital’s second acquisition. In October 2024, it team up with PGIM Realty to acquire the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
