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

Stamford Court is a four-storey commercial structure with 62,900 sq ft of net lettable part placed at 61 Stamford Roadway. It already runs as an office space with ground-floor retail store units. Completed in 1996, the building has a 99-year contract from 1994.

Spark61, a mutual project between Singapore-based realty investment company Elevate Capital Group and PGIM Property– the real estate purchase arm of international asset administrator PGIM– has actually completed its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).

” Stamford Court’s important place and excellent connectivity give notable potential for its transformation right into a dynamic, creative center.”

” As our maiden investment, Stamford Court offers the prospective to showcase our ability in re-imagining traditional purposes of realty,” mentions Ashish Manchharam, managing partner of Elevate Capital Group, in an Oct 24 news release.

Altura EC Bukit Batok West Avenue 8

Located in Singapore’s downtown core, Stamford Court lies within walking proximity 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.

Fiona Cho, chief running expert and top portfolio manager at PGIM Real Estate, adds in: “As the global realty industry hits an inflection point, investors are trying to return to the marketplace trying to find value-add possibilities with solid revenue potential.

Other surrounding landmarks include the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute ride away from the CBD and the Orchard Road e-commerce belt.

SingLand first disclosed the sale of its 100% interest in entirely managed part UIC Land, which runs Stamford Court, in August.

Following the acquisition, the shared effort plans to improve the commercial property into a mixed-use development with dwelling, co-working, and living style elements.