Elevate Capital, LaSalle Investment Management complete joint acquisition of 51 Merchant Road for $121.8 mil
Artist's impression of 51 Merchant Road when refurbishments are completed in late 2026 (Photo: Elevate Capital Group/LaSalle Investment Management)
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Elevate Capital Group and LaSalle Investment Management announced on Feb 27 that they have completed their joint acquisition of 51 Merchant Road from Raffles Education for $121.8 million.
The asset comprises two rows of conserved 1930s shophouses and a four-storey commercial block completed in 1996, with a combined gross floor area of 71,338 sq ft.
The joint venture partners plan an extensive refurbishment to reposition the property as a vibrant, office-led mixed-use development. Works will include refreshing the façade, modernising interiors and common areas, and reconfiguring the ground floor to introduce curated dining, retail and wellness offerings to complement the boutique office component.
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The repositioning is targeted for completion in late 2026. While preserving the architectural character of the conserved shophouses, the partners aim to deliver flexible office floor plates with generous ceiling heights and adaptable layouts suited to modern occupiers.
51 Merchant Road is adjacent to the upcoming Union Square, and is linked via an overhead bridge to Riverside Point mall, which fronts the Singapore River (Source: EdgeProp Landlens)
The property sits within the Singapore River precinct, an area undergoing significant transformation. It is next to City Developments Ltd's upcoming Union Square — a large-scale mixed-use development comprising a 40-storey tower with 366 luxury apartments, an office tower, retail and co-living components. Union Square is expected to be completed in 2029.
Planned pedestrianisation of Merchant Road is also set to enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, potentially boosting accessibility and footfall across the district.
51 Merchant Road has an overhead bridge to Riverside Point, a retail mall fronting the Singapore River. It is also within a four- to 10-minute walk of Clarke Quay, Fort Canning and Chinatown MRT stations.
“Together with LaSalle, we aim to create a distinctive environment that blends work, dining, wellness and community, while contributing meaningfully to the ongoing evolution of the Singapore River precinct,” says Ashish Manchharam, founder and managing partner of Elevate Capital Group.
This marks Elevate Capital’s second acquisition. In October 2024, it partnered with PGIM Real Estate to acquire the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million.
In October 2024, Elevate Capital partnered with PGIM Real Estate to acquire the former Stamford Court at 61 Stamford Road from Singapore Land Group for $132 million. It marked Elevate Capital's first acquisition (Photo: Samuel Isaac Chua/EdgeProp Singapore)
In Singapore, LaSalle Investment Management has an established track record in value-add repositioning. In a joint venture with Lum Chang Holdings, it redeveloped the former The Verge shopping mall into Tekka Place — a mixed-use project comprising a 70,000 sq ft retail mall and the 320-room Citadines Rochor serviced residence. The project was completed between 2019 and 2020.
LaSalle also partnered with TE Capital Partners in February 2022 to acquire the former PIL Building at 140 Cecil Street for $323.8 million. The property has since been redeveloped into the 20-storey Grade-A Solitaire on Cecil, which was fully sold in July 2024, just 16 months after its launch in March 2023.
VisionCrest Orchard, acquired and repositioned by LaSalle Investment Management in a joint venture with TE Capital Partners and Metro Holdings, is now offering full-strata office floors for sale at prices from $4,000 psf (Photo: VisionCrest Orchard)
In November 2023, LaSalle formed another joint venture with TE Capital Partners and Metro Holdings to acquire all 21 strata lots at VisionCrest Commercial for $450 million. Following refurbishment and repositioning as VisionCrest Orchard, the partners have been marketing full strata office floors in the 11-storey building at prices from $4,000 psf.
Commenting on the latest acquisition, Steve Hyung Kim, co-head and co-chief investment officer, Asia Pacific at LaSalle Investment Management, says the investment in 51 Merchant Road “advances our Singapore strategy and reinforces our track record of delivering compelling risk-adjusted returns for our clients.”
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