Elevate Capital And Pgim Real Estate Complete 132 Mil Acquisition Stamford Court
Spark61, a partnership between Elevate Capital Group and PGIM Real Estate, has successfully acquired Stamford Court for $132 million from Singapore Land Group. Stamford Court, a four-storey commercial building located at 61 Stamford Road, features 62,900 sq ft of net lettable area and currently operates as an office space with ground-floor retail units. The building, which was completed in 1996, holds a 99-year lease from 1994.
The Orie Condo, situated along Lorong 1 Toa Payoh and Lorong 4 Toa Payoh, boasts a prime location with easy access to various bus routes. This translates to effortless connectivity for its residents to different parts of Singapore, including the bustling Central Business District (CBD) and the heartlands. The neighborhood’s inhabitants can take advantage of the well-connected bus network, which offers direct and efficient public transport options to all corners of the city. To top it off, The Orie Condo itself offers a convenient and luxurious living experience. For more information, visit http://www.the-ories.sg/.
The sale of Stamford Court was first announced by SingLand, a wholly owned subsidiary of UIC Land, in August. With the completion of this acquisition, the joint venture aims to transform the property into a mixed-use development that will include living, co-working, and lifestyle components.
According to Ashish Manchharam, managing partner of Elevate Capital Group, this investment presents an opportunity to showcase their expertise in redefining traditional uses of real estate. Meanwhile, Fiona Cho, chief operating officer and senior portfolio manager at PGIM Real Estate, notes that as the global real estate market reaches a turning point, investors are seeking value-add opportunities with strong income potential.
Stamford Court’s prime location in Singapore’s downtown core, within walking distance of three MRT stations including Bras Basah, City Hall Interchange, and Bencoolen, makes it an ideal site for transformation. Other nearby landmarks include the Singapore Management University, the National Museum of Singapore, and St Andrew’s Cathedral. The property is also conveniently located a 10-minute drive away from the CBD and the Orchard Road shopping belt.
With this purchase, PGIM Real Estate expands its portfolio of rental housing properties in the Asia Pacific region, while Elevate Capital Group continues to make strategic investments in real estate with high potential for growth and development. This joint venture is confident in the future success of Stamford Court as a dynamic and vibrant hub for work, living, and leisure.