Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The repositioning is focused for completion in late 2026. While maintaining the architectural character of the conserved shophouses, the partners aspire to deliver flexible workplace floor layers with reasonable ceiling elevations and adaptable layouts suited to modern tenants.
The joint business venture partners plan an extensive refurbishment to reposition the property as a lively, office-led mixed-use project. Works may include updating the front, modernising interiors and general areas, and reconfiguring the ground floor to introduce curated restaurant, retail store and well-being offerings to complement the store office space element.
The property consists of two rows of conserved 1930s shophouses and a four-storey industrial block completed in 1996, with a mixed gross floor area of 71,338 sq ft.
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Projected pedestrianisation of Merchant Road is likewise readied to enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, potentially boosting ease of access and footfall all over the area.
The real estate positions within the Singapore River precinct, a place undertaking considerable change. It is beside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use project comprising a 40-storey tower with 366 high-end condos, a workplace tower, retail and co-living components. Union Square is anticipated to be done in 2029.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have actually finalized their joint obtainment of 51 Merchant 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 4- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT stops.
This registers Elevate Capital’s second acquisition. In October 2024, it partnered with PGIM Realty to obtain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Together with LaSalle, we strive to make a distinctive surrounding that mixes work, restaurant, wellness and community, whilst adding meaningfully to the recurring growth of the Singapore River precinct,” claims Ashish Manchharam, creator and regulating associate of Elevate Capital Group.
