Elevate Capital and LaSalle acquire 51 Merchant Road in Singapore’s riverside district
Heritage-integrated boutique property to be transformed into a vibrant mixed-use destination, enhancing Clarke Quay’s ongoing urban renewal
Artist’s Impression of 51 Merchant Road
SINGAPORE (February 27, 2026) — Elevate Capital Group (“Elevate”) and LaSalle Investment Management (“LaSalle”) have jointly acquired 51 Merchant Road (the “Property”) for S$121.8 million. The joint venture will reposition the Property into a contemporary, office-led mixed-use destination that blends heritage character with modern design excellence in the Singapore River Precinct.
A landmark reimagined
Originally developed in 1996, the Property comprises a four-storey commercial building and two rows of conserved 1930s shophouses, offering approximately 71,338 square feet of gross floor area in one of Singapore’s most distinctive city-center enclaves. The planned refurbishment will enhance the building’s façade, modernize its interiors and common spaces, and reconfigure the ground floor to introduce curated dining, retail and wellness offerings that complement its boutique office component.
With completion of the repositioning targeted for late 2026, 51 Merchant Road will preserve the timeless architectural characteristics of its conserved shophouses while delivering efficient office floorplates, generous ceiling heights and flexible layouts suited to modern occupiers seeking exceptional public transport accessibility in a marquee commercial node.
Prime location within a transforming precinct
51 Merchant Road occupies a high-profile site within the Clarke Quay precinct, just a short walk from Clarke Quay MRT station and adjacent to major mixed-use developments such as Union Square and CanningHill Piers.
The surrounding area is undergoing a transformation into a vibrant, walkable destination where work, lifestyle and culture converge. Planned pedestrianization of Merchant Road will enhance connectivity between the Singapore River, Fort Canning Park and Chinatown, improving accessibility and footfall across the district.
A partnership with complementary strengths
The acquisition underscores Elevate’s philosophy of creating design-led, lifestyle-oriented destinations that celebrate heritage while responding to contemporary urban needs. For LaSalle, the transaction reinforces its conviction that well-located commercial properties that possess innate unique features and high functionality for tomorrow’s occupiers will see long-term value appreciation, even across market cycles.
Ashish Manchharam, Founder and Managing Partner of Elevate Capital Group, said: “51 Merchant Road reflects our mission to reposition well-located properties into curated, experience-led destinations. 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.”
Steve Hyung Kim, Co-Head and Co-Chief Investment Officer, Asia Pacific, LaSalle Investment Management, said: “This investment with Elevate Capital Group advances our Singapore strategy, reinforcing our track record of delivering compelling risk-adjusted returns for our clients.”
George Goh, Head of Acquisitions and Asset Management, Southeast Asia, LaSalle Investment Management, added: “In 51 Merchant Road, we see a unique opportunity for value creation by redefining the workplace experience through a clever blend of historic charm with contemporary functionality to meet the needs of modern occupiers. We look forward to collaborating with Elevate to create a high-quality mixed-use property that brings renewed vibrancy and relevance to this historic part of Singapore, one of Asia Pacific’s most resilient markets.”
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About Elevate Capital Group
Elevate is a privately held, boutique real estate investment and asset management firm based in Singapore. Specialising in lifestyle-led real estate investments, Elevate aims to drive returns by combining an appreciation of emerging lifestyle trends with extensive experience in reimagining and repositioning high-potential real estate. We focus on crafting new experiences and transforming spaces into exciting, meaningful environments that enrich the lives of the communities it invests in. Our strong local relationships and deep networks enable us to identify and capitalise on unique opportunities, ensuring that we leverage on-the-ground insights and expertise to unlock the full value of each asset. For more information please visit: www.elevate-capitalgroup.com.
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management, a subsidiary of JLL, is a globally integrated, diverse real estate investment manager. On a global basis, LaSalle manages US$86.4 billion of assets in private and public real estate equity and debt investments as of Q3 2025. LaSalle’s client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a diverse range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit www.lasalle.com and LinkedIn.
