Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil

The property sits within the Singapore River precinct, a place undertaking significant change. It is alongside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use development making up a 40-storey tower with 366 high-end apartments, a workplace tower, retail and co-living components. Union Square is anticipated to be concluded in 2029.

Planned pedestrianisation of Merchant Road is additionally set to boost connection in between the Singapore River, Fort Canning Park and Chinatown, potentially improving accessibility and footfall all over the community.

The shared venture partners plan an extensive renovation to reposition the property as a lively, office-led mixed-use project. Works may include revitalizing the front, modernising insides and general spaces, and reconfiguring the ground storey to introduce curated restaurant, retail and wellness services to match the boutique office space component.

Tengah Garden Residences Singapore

The repositioning is intended for completion in late 2026. While preserving the architectural character of the preserved shophouses, the partners aim to supply versatile workplace floor layers with reasonable roof levels and versatile configurations suited to modern-day occupiers.

Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have carried out their joint purchase of 51 Vendor Road from Raffles Education for $121.8 million.

The property includes two rows of conserved 1930s shophouses and a four-storey commercial block finished in 1996, with a mixed gross floor area of 71,338 sq ft.

51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall facing the Singapore River. It is also inside a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stops.

This registers Elevate Capital’s second purchase. In October 2024, it team up with PGIM Real Estate to gain the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.

“Together with LaSalle, we strive to develop an unique atmosphere that mixes work, dining, wellness and neighborhood, while contributing meaningfully to the recurring evolution of the Singapore River precinct,” claims Ashish Manchharam, creator and managing affiliate of Elevate Capital Group.