Elevate Capital And Pgim Real Estate Complete 132 Mil Acquisition Stamford Court
Elevate Capital Group, in partnership with PGIM Real Estate, has successfully acquired Stamford Court from Singapore Land Group for $132 million. Located at 61 Stamford Road, the four-storey commercial building spans 62,900 sq ft and is currently used as an office space with ground-floor retail units. Originally completed in 1996, the building has a 99-year lease from 1994. The sale of Stamford Court, which is owned by Singapore Land’s wholly owned subsidiary UIC Land, was announced by SingLand in August. Following the acquisition, the joint venture is planning to transform the property into a mixed-use development featuring residential, co-working, and lifestyle components. According to managing partner of Elevate Capital Group, Ashish Manchharam, this is an opportunity to demonstrate the company’s ability to reimagine the usage of real estate assets. Fiona Cho, chief operating officer and senior portfolio manager at PGIM Real Estate, notes that investors are currently seeking value-add opportunities with strong income potential. With its strategic location in Singapore’s downtown core and excellent connectivity to three MRT stations, Stamford Court offers great potential for transformation into a dynamic and creative hub. Nearby landmarks include the Singapore Management University, the National Museum of Singapore, and St Andrew’s Cathedral, making the property a sought-after location. The Central Business District and Orchard Road shopping belt are just a short 10-minute drive away. PGIM Real Estate is also expanding its Asia Pacific rental housing portfolio.
One of the main goals of the URA Master Plan is to enhance connectivity throughout Singapore. This is especially beneficial for residents of Elta Condo as it provides improved access to transportation networks and shorter travel times to important locations. With these developments in place, Elta offers an even more convenient and connected living experience for its residents.