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

The joint project partners plan a comprehensive repair to shift the real estate as a vibrant, office-led mixed-use development. Works will consist of restoring the front, modernising interiors and common areas, and reconfiguring the ground storey to introduce curated dining, retail store and well-being services to complement the store workplace part.

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

The property sits within the Singapore River precinct, an area going through substantial improvement. It is beside City Developments Ltd’s upcoming Union Square– a large mixed-use development consisting of a 40-storey tower with 366 luxury residences, a workplace high rise, retail and co-living parts. Union Square is anticipated to be concluded in 2029.

Planned pedestrianisation of Merchant Road is also set to improve connection in between the Singapore River, Fort Canning Park and Chinatown, possibly enhancing entry and footfall all over the area.

The repositioning is intended for completion in late 2026. While maintaining the architectural character of the saved shophouses, the partners aim to deliver adaptable workplace floor layers with good roof elevations and adaptable layouts fit to contemporary tenants.

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The asset comprises 2 rows of saved 1930s shophouses and a four-storey industrial block finished in 1996, with a consolidated gross floor area of 71,338 sq ft.

51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is likewise inside a 4- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stations.

“Along with LaSalle, we intend to develop a distinct setting that blends work, restaurant, health and neighborhood, whilst contributing meaningfully to the recurring growth of the Singapore River precinct,” claims Ashish Manchharam, founder and supervising associate of Elevate Capital Group.

This marks Elevate Capital’s 2nd acquisition. In October 2024, it works with PGIM Real Estate to gain the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.