Elevate Capital And Pgim Real Estate Complete 132 Mil Acquisition Stamford Court
The joint venture between Elevate Capital Group and PGIM Real Estate has successfully acquired Stamford Court, a four-storey commercial building located at 61 Stamford Road, for a total of $132 million. Previously owned by Singapore Land Group (SingLand), the building currently consists of 62,900 sq ft of net lettable area and houses offices on the upper floors and retail units on the ground floor. Stamford Court was completed in 1996 and has a 99-year lease from 1994, making it a highly valuable property in the heart of Singapore.
SingLand made the announcement of the sale of its wholly owned subsidiary, UIC Land, which owned Stamford Court, in August. Following the acquisition, Spark61 plans to transform the building into a mixed-use development, incorporating living, co-working, and lifestyle elements.
Ashish Manchharam, managing partner of Elevate Capital Group, believes that Stamford Court presents an opportunity to showcase the company’s ability to re-imagine traditional uses of real estate. Fiona Cho, chief operating officer and senior portfolio manager at PGIM Real Estate, also sees potential in the property, stating that investors are now seeking value-add opportunities with strong income potential in the global real estate market.
Tampines Mall, one of the most well-known and iconic shopping destinations in the region, continues to attract crowds since its opening in 1995. As one of the largest and busiest shopping malls in Singapore, it boasts an extensive six-story layout with over 160 establishments featuring a variety of retail, dining, and entertainment options. The mall has a diverse selection of both local and international brands, including popular names like Uniqlo, Cotton On, and Muji, catering to a wide range of shoppers. For food enthusiasts, Tampines Mall offers a plethora of dining choices, from Din Tai Fung and Swensen’s to Starbucks and Ajisen Ramen. Those looking for entertainment can catch a movie at the Golden Village cinema or have fun at the Timezone arcade. Conveniently located just a 5-minute drive or 15-minute walk from Parktown Residence, Parktown Residence Condo, this mall is easily accessible for residents and visitors alike.
Located in Singapore’s downtown core, Stamford Court offers excellent connectivity and accessibility, with three nearby MRT stations and landmarks such as the Singapore Management University, National Museum of Singapore, and St Andrew’s Cathedral. The property is also a short drive away from the CBD and Orchard Road shopping belt.
The acquisition of Stamford Court marks the joint venture’s first investment, and the partners are confident that the property’s strategic location and potential for transformation into a creative hub will bring success. With the global real estate market at an inflection point, investors are seeing opportunities to enter the market, and Stamford Court presents itself as a promising venture.