Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The joint project partners plan a comprehensive refurbishment to rearrange the property as a dynamic, office-led mixed-use project. Works will likely consist of updating the exterior, modernising interiors and general spaces, and reconfiguring the ground level to introduce curated dining, retail store and wellness offerings to complement the boutique office space element.
Elevate Capital Group and LaSalle Investment Management revealed on Feb 27 that they have carried out their united procurement of 51 Merchant Road from Raffles Education for $121.8 million.
The repositioning is intended for conclusion in late 2026. While maintaining the architectural appearance of the conserved shophouses, the partners aspire to provide flexible office floor layers with generous roof heights and versatile styles matched to modern-day tenants.
The property positions within the Singapore River precinct, an area going through considerable change. It is beside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use property development making up a 40-storey tower with 366 deluxe flats, a workplace tower, retail and co-living elements. Union Square is expected to be completed in 2029.
Planned pedestrianisation of Merchant Road is additionally set to improve connectivity in between the Singapore River, Fort Canning Park and Chinatown, possibly increasing entry and footfall across the area.
The asset makes up two rows of saved 1930s shophouses and a four-storey commercial block finished in 1996, with a combined gross flooring area of 71,338 sq ft.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping center fronting the Singapore River. It is also within a 4- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stations.
This marks Elevate Capital’s 2nd procurement. In October 2024, it partnered with PGIM Realty to get the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Along with LaSalle, we strive to produce a distinct setting that mixes work, dining, health and neighborhood, whilst contributing meaningfully to the continuous evolution of the Singapore River precinct,” states Ashish Manchharam, ceo and regulating associate of Elevate Capital Group.
