Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The property consists of two rows of preserved 1930s shophouses and a four-storey business block completed in 1996, with a consolidated gross floor area of 71,338 sq ft.
The repositioning is focused for completion in late 2026. While maintaining the architectural character of the saved shophouses, the associates intend to provide flexible workplace floor plates with good roof elevations and versatile styles matched to modern tenants.
The shared project partners plan an extensive refurbishment to shift the property as a vibrant, office-led mixed-use property development. Works may consist of restoring the façade, modernising interiors and commonplace locations, and reconfiguring the ground level to introduce curated dining, retail store and wellness offerings to match the shop office element.
Planned pedestrianisation of Merchant Road is likewise set to enhance connection in between the Singapore River, Fort Canning Park and Chinatown, potentially improving entry and footfall around the community.
The property remains within the Singapore River precinct, an area undergoing significant improvement. It is alongside City Developments Ltd’s upcoming Union Square– a large-scale mixed-use development consisting of a 40-storey tower with 366 luxury residences, an office tower, retail and co-living parts. Union Square is anticipated to be done in 2029.
Elevate Capital Group and LaSalle Investment Management announced on Feb 27 that they have completed 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 mall fronting the Singapore River. It is also inside a four- to 10-minute stroll of Clarke Quay, Fort Canning and Chinatown MRT terminals.
“Together with LaSalle, we intend to create an unique setting that mixes work, dining, wellness and neighborhood, while adding meaningfully to the ongoing growth of the Singapore River precinct,” states Ashish Manchharam, creator and managing affiliate of Elevate Capital Group.
This marks Elevate Capital’s second acquisition. 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.
