Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
The asset makes up two rows of preserved 1930s shophouses and a four-storey industrial block completed in 1996, with a combined gross floor surface area of 71,338 sq ft.
Elevate Capital Group and LaSalle Investment Management publicized on Feb 27 that they have finished their mutual obtainment of 51 Seller Road from Raffles Education for $121.8 million.
The repositioning is intended for completion in late 2026. While preserving the architectural appearance of the saved shophouses, the associates aspire to supply flexible office floor plates with reasonable ceiling elevations and adaptable layouts matched to modern tenants.
The joint venture partners plan a comprehensive renovation to reposition the estate as a vibrant, office-led mixed-use property development. Works will likely consist of updating the exterior, modernising insides and commonplace spaces, and reconfiguring the ground level to present curated restaurants, retail store and wellness services to match the shop office element.
Planned pedestrianisation of Merchant Road is also set to boost connection between the Singapore River, Fort Canning Park and Chinatown, potentially enhancing ease of access and footfall around the district.
The real property remains within the Singapore River precinct, an area undergoing substantial improvement. 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 high-end condos, an office high rise, retail and co-living elements. Union Square is expected to be done in 2029.
51 Merchant Road has an overhead bridge to Riverside Point, a retail shopping mall fronting the Singapore River. It is likewise throughout a 4- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stops.
This marks Elevate Capital’s second acquisition. In October 2024, it team up with PGIM Realty to obtain the previous Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
“Along with LaSalle, we aim to develop a distinct setting that mixes work, restaurant, health and community, whilst contributing meaningfully to the continuous development of the Singapore River precinct,” states Ashish Manchharam, creator and regulating affiliate of Elevate Capital Group.
