Elevate Capital Group and PGIM Real Estate Completes Acquisition of Stamford Court in Singapore for S$132 Million
October 24, 2024 – Singapore-based Elevate Capital Group (“Elevate”) is proud to announce that it has completed the acquisition of Stamford Court for S$132 million, in a joint venture with PGIM Real Estate. The transaction marks Elevate’s maiden investment since being established earlier this year by Singapore-based real estate investor, Ashish Manchharam.
Following the acquisition, the joint venture intends to transform the commercial property into a vibrant mixed-use development that seamlessly integrates living, co-working, and lifestyle spaces. Elevate will lead the adaptive reuse of this iconic site, to create a destination that aligns with Singapore’s evolving urban needs.
Located at 61 Stamford Road, Stamford Court is a four-storey commercial building completed in 1996 and currently operates as an office space with ground floor retail units. Located in the heart of City Hall, Stamford Court benefits from excellent connectivity, with five MRT stations within a 10-minute walk and being a short drive from the Central Business District and Orchard Road. It also boasts immediate proximity to the Singapore Management University and close proximity to attractions such as Raffles City, Funan, and Clarke Quay.
With PGIM Real Estate’s global expertise and Elevate Capital Group’s deep local knowledge, Stamford Court is poised to become a well restored landmark mixed-use development in Singapore.
Ashish Manchharam, Managing Partner of Elevate Capital Group, stated: “This acquisition represents a significant milestone for Elevate Capital Group. As our maiden investment, Stamford Court offers the potential to showcase our capability in re-imagining traditional uses of real estate. We are committed to enhancing the immediate neighbourhood and the historic Civic District by working with the authorities to deliver a restored mixed-use asset to house a curated array of retail and F&B offerings, whilst addressing the future of work and urban living in Singapore.”
Fiona Cho, Chief Operating Officer, Asia Pacific, and Senior Portfolio Manager, PGIM Real Estate, added: “Stamford Court’s strategic location and excellent connectivity provide significant potential for its transformation into a vibrant, creative hub. We are confident that this project will foster positive synergies and provide not just an attractive lifestyle offering and destination but also enhance the overall appeal of the vicinity.”
Cho continued: “As the global real estate market reaches an inflection point, investors are looking to re-enter the market in search of value-add opportunities with strong income potential. The ongoing demand for high quality office, living, and retail space against the backdrop of limited supply, rising occupancy rates, and strong rental growth prospects in Singapore present what we believe to be a compelling investment case for Stamford Court. Together with Elevate, we look forward to transforming the asset and activating a vibrant community at the heart of the city while delivering sustainable income for our investors.”
About Elevate Capital Group
Elevate is a privately held, boutique real estate investment and asset management firm based in Singapore. Specializing in lifestyle-led real estate investments, Elevate aims to drive returns by combining an appreciation of emerging lifestyle trends with extensive experience in reimagining and repositioning high-potential real estate. We focus on crafting new experiences and transforming spaces into exciting, meaningful environments that enrich the lives of the communities it invests in. Our strong local relationships and deep networks enable us to identify and capitalize on unique opportunities, ensuring that we leverage on-the-ground insights and expertise to unlock the full value of each asset. For more information please visit: elevate-capitalgroup.com.
About PGIM Real Estate
With US$206 billion in gross assets under management and administration,¹ PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities, and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,² and the local experience of professionals in 35 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (“PFI”) (NYSE: PRU). In 41 offices across 18 countries, our more than 1,400 investment professionals serve both retail and institutional clients around the world.
As a leading global asset manager with US$1.33 trillion in assets under management,³ PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialized expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information, visit pgim.com.
PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
¹ As of June 30, 2024; net AUM is US$132 billion and AUA is US$47 billion.
² Includes legacy lending through PGIM’s parent company, PFI.
³ As of June 30, 2024.
