Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
SingLand first off disclosed the sale of its 100% interest in entirely owned subsidiary UIC Land, which owns Stamford Court, in August.
Stamford Court is a four-storey commercial establishment with 62,900 sq ft of net lettable part located at 61 Stamford Roadway. It presently runs as an office space with ground-floor market units. Finished in 1996, the building has a 99-year lease from 1994.
Other neighboring spots include the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The real estate is also a 10-minute travel away from the CBD and the Orchard Road e-commerce belt.
” As our maiden investment, Stamford Court offers the potential to showcase our capacity in re-imagining traditional uses of property,” states Ashish Manchharam, managing associate of Elevate Capital Group, in an Oct 24 press release.
Fiona Cho, chief managing officer and senior portfolio executive at PGIM Property, adds: “As the international property market hits an inflection level, investors are trying to return to the marketplace trying to find value-add possibilities with strong revenue potential.
Located in Singapore’s downtown base, Stamford Court is located inside of 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.
” Stamford Court’s key area and outstanding connection give significant capacity for its transformation into a lively, creative hub.”
Spark61, a shared project involving Singapore-based realty investment firm Elevate Capital Group and PGIM Realty– the estate purchase arm of multinational investment manager PGIM– has actually finished its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).
Following the procurement, the shared project plans to change the business building into a mixed-use property development with dwelling, co-working, and lifestyle elements.