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

Stamford Court is a four-storey business establishment with 62,900 sq ft of net lettable part found at 61 Stamford Roadway. It currently operates as a workplace with ground-floor market units. Carried out in 1996, the establishment has a 99-year rent from 1994.

SingLand initially released the sale of its 100% interest in wholly owned subsidiary UIC Land, that runs Stamford Court, in August.

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

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

Bagnall Haus Upper East Coast Road

Spark61, a joint venture among Singapore-based real estate investment firm Elevate Capital Group and PGIM Property– the estate investment arm of global investment administrator PGIM– has finished its $132 million purchase of Stamford Court from Singapore Land Group (SingLand).

Fiona Cho, chief operating officer and senior account executive at PGIM Real Estate, adds: “As the international property market reaches an inflection point, investors are looking to re-enter the market trying to find value-add chances with strong revenue opportunity.

Situated in Singapore’s downtown base, Stamford Court is located in just walking range of 3 MRT terminals– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Downtown Line.

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

” Stamford Court’s strategic location and excellent connectivity offer major capacity for its transformation right into a lively, creative centre.”