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

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

Planned pedestrianisation of Merchant Road is also readied to improve connection in between the Singapore River, Fort Canning Park and Chinatown, potentially increasing ease of access and footfall throughout the community.

The shared business venture partners plan an extensive renovation to shift the real estate as a vibrant, office-led mixed-use property development. Works will likely consist of updating the exterior, modernising interiors and general spots, and reconfiguring the ground storey to offer curated restaurants, retail and wellness services to complement the boutique workplace element.

The real property remains within the Singapore River precinct, a place undergoing considerable improvement. It is next to City Developments Ltd’s upcoming Union Square– a large mixed-use project comprising a 40-storey tower with 366 high-end residences, a workplace high rise, retail and co-living elements. Union Square is expected to be finished in 2029.

Newport Residences condominium

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

The repositioning is targeted for conclusion in late 2026. While protecting the architectural character of the saved shophouses, the partners aspire to supply versatile workplace floor plates with generous ceiling heights and versatile styles suited to modern-day occupants.

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

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

“Together with LaSalle, we aim to make a distinctive atmosphere that blends work, restaurant, health and community, whilst contributing meaningfully to the recurring development of the Singapore River precinct,” claims Ashish Manchharam, creator and managing partner of Elevate Capital Group.