Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Found in Singapore’s downtown central, Stamford Court lies within walking range 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.
Other neighboring landmarks include the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The real estate is also a 10-minute drive far from the CBD and the Orchard Road shopping belt.
SingLand initially disclosed the sale of its 100% interest in wholly owned branch UIC Land, which manages Stamford Court, in August.
” Stamford Court’s key area and outstanding connection give substantial capacity for its improvement right into a vivid, imaginative centre.”
Fiona Cho, leading managing expert and senior accounts manager at PGIM Realty, adds: “As the international property industry reaches an inflection stage, financiers are looking to return to the market trying to find value-add possibilities with strong income possibility.
” As our maiden assets, Stamford Court offers the possible to showcase our capability in re-imagining conventional purposes of property,” says Ashish Manchharam, regulating associate of Elevate Capital Group, in an Oct 24 news release.
Blossoms By The Park showflat location
Following the procurement, the shared project intends to change the business building into a mixed-use development with dwelling, co-working, and living style components.
Stamford Court is a four-storey commercial property with 62,900 sq ft of final lettable area located at 61 Stamford Road. It already functions as a workplace with ground-floor market units. Finished in 1996, the establishment has a 99-year contract from 1994.
Spark61, a joint venture between Singapore-based realty investment company Elevate Capital Group and PGIM Real Estate– the estate venture arm of global asset manager PGIM– has completed its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).
