Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court

Located in Singapore’s downtown core, Stamford Court lies in just walking range of three MRT stations– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Downtown Line.

SingLand first off released the sale of its 100% interest in completely owned part UIC Land, that operates Stamford Court, in August.

Marina View Residences condo

Spark61, a joint venture involving Singapore-based realty investment firm Elevate Capital Group and PGIM Realty– the property purchase arm of global asset supervisor PGIM– has actually finished its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).

” Stamford Court’s important place and outstanding connection give substantial potential for its improvement right into a dynamic, creative hub.”

Fiona Cho, leading operating expert and senior account supervisor at PGIM Realty, adds in: “As the global realty market achieves an inflection stage, investors are trying to return to the market in search of value-add possibilities with solid income potential.

Stamford Court is a four-storey business establishment with 62,900 sq ft of net lettable area found at 61 Stamford Roadway. It currently functions as an office space with ground-floor market units. Finished in 1996, the structure has a 99-year lease from 1994.

Other close-by sites consist of the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute drive away from the CBD and the Orchard Road e-commerce belt.

Following the procurement, the conjoint project plans to improve the commercial property right into a mixed-use development with dwelling, co-working, and living style components.

” As our maiden investment, Stamford Court offers the prospective to display our capacity in re-imagining standard uses of realty,” says Ashish Manchharam, managing partner of Elevate Capital Group, in an Oct 24 press release.


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