Elevate Capital And Pgim Real Estate Complete 132 Mil Acquisition Stamford Court
Singapore-based real estate investment firm Elevate Capital Group and PGIM Real Estate, the property investment arm of global asset manager PGIM, have successfully acquired Stamford Court for $132 million from Singapore Land Group (SingLand).
Stamford Court, a four-storey commercial building located at 61 Stamford Road, offers 62,900 sq ft of net lettable area and currently operates as an office space with ground-floor retail units. Built in 1996, the building has a 99-year lease from 1994.
News of the property’s sale first broke in August, when SingLand announced the sale of its wholly owned subsidiary UIC Land, which holds full ownership of Stamford Court.
Following the acquisition, the joint venture plans to transform the commercial property into a mixed-use development with a combination of residential, co-working, and lifestyle elements.
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“We see Stamford Court as our inaugural investment, and it presents a unique opportunity to showcase our ability to reimagine traditional real estate uses,” says Ashish Manchharam, managing partner of Elevate Capital Group, in a press release on October 24.
Fiona Cho, Chief Operating Officer and Senior Portfolio Manager at PGIM Real Estate, adds that the global real estate market is at an inflection point, making it an ideal time for investors to seek value-add opportunities with strong income potential. The prime location and excellent connectivity of Stamford Court make it a promising investment for transformation into a vibrant, creative hub.
Centrally situated in Singapore’s downtown core, Stamford Court is within walking distance 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. Nearby landmarks include the Singapore Management University, the National Museum of Singapore, and St. Andrew’s Cathedral. The property is also a mere 10-minute drive from the CBD and the popular Orchard Road shopping district.
This acquisition further expands PGIM Real Estate’s portfolio in the Asia Pacific region, solidifying their presence in the rental housing sector.
