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

Planned pedestrianisation of Merchant Road is likewise readied to boost connectivity between the Singapore River, Fort Canning Park and Chinatown, possibly enhancing accessibility and footfall throughout the community.

Springleaf Residence condominium

The repositioning is intended for finalization in late 2026. Whilst maintaining the architectural character of the saved shophouses, the associates aspire to supply flexible workplace floor layers with reasonable ceiling elevations and adaptable configurations suited to contemporary occupiers.

The property includes two rows of conserved 1930s shophouses and a four-storey industrial block completed in 1996, with a consolidated gross flooring area of 71,338 sq ft.

Elevate Capital Group and LaSalle Investment Management publicized on Feb 27 that they have finished their mutual acquisition of 51 Merchant Road from Raffles Education for $121.8 million.

The real estate sits within the Singapore River precinct, an area undergoing substantial transformation. It is beside City Developments Ltd’s upcoming Union Square– a large mixed-use project comprising a 40-storey tower with 366 luxury apartments, an office tower, retail and co-living components. Union Square is anticipated to be completed in 2029.

The shared venture partners plan an extensive repair to rearrange the property as a dynamic, office-led mixed-use development. Works is going to include refreshing the exterior, modernising insides and commonplace spaces, and reconfiguring the ground storey to present curated restaurant, retail and well-being services to match the boutique office space element.

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

“Along with LaSalle, we strive to produce an unique setting that blends work, restaurant, wellness and community, while contributing meaningfully to the continuous growth of the Singapore River precinct,” states Ashish Manchharam, creator and regulating partner of Elevate Capital Group.

This marks Elevate Capital’s 2nd purchase. In October 2024, it team up with PGIM Realty to acquire the past Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.