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

Following the acquisition, the conjoint venture plans to change the commercial property into a mixed-use property development with dwelling, co-working, and lifestyle parts.

Situated in Singapore’s downtown central, Stamford Court is located 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.

” Stamford Court’s key place and outstanding connection provide notable capacity for its modification into a vivid, innovative center.”

One Bernam floor plan

Other neighboring sites consist of 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 Roadway e-commerce belt.

Spark61, a shared project among Singapore-based property investment firm Elevate Capital Group and PGIM Real Estate– the real estate venture arm of global asset manager PGIM– has finished its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).

Stamford Court is a four-storey business property with 62,900 sq ft of final lettable part situated at 61 Stamford Road. It presently runs as a workplace with ground-floor market units. Completed in 1996, the building has a 99-year contract from 1994.

SingLand initially announced the sale of its 100% interest in entirely managed subsidiary UIC Land, that operates Stamford Court, in August.

” As our maiden assets, Stamford Court offers the prospective to showcase our capacity in re-imagining traditional purposes of property,” states Ashish Manchharam, regulating partner of Elevate Capital Group, in an Oct 24 statement.

Fiona Cho, chief operating expert and top portfolio manager at PGIM Realty, adds in: “As the global property industry hits an inflection level, investors are looking to re-enter the market trying to find value-add chances with solid revenue possibility.


error: Content is protected !!