Elevate Capital And Pgim Real Estate Complete 132 Mil Acquisition Stamford Court
Spark61, a joint venture between real estate investment company Elevate Capital Group and property investment firm PGIM Real Estate, has successfully completed its acquisition of Stamford Court from Singapore Land Group (SingLand) for $132 million. This acquisition marks Spark61’s first investment in Singapore.
Stamford Court, a four-storey commercial building with a net lettable area of 62,900 sq ft, is located at 61 Stamford Road. It currently operates as an office space with ground-floor retail units. Built in 1996, the building has a 99-year lease from 1994.
SingLand had first announced the sale of its 100% interest in its wholly owned subsidiary UIC Land, which owns Stamford Court, in August.
With the completion of the acquisition, the joint venture plans to transform the property into a mixed-use development that combines living, co-working, and lifestyle components.
“As our first investment, Stamford Court presents an opportunity for us to showcase our capability in reimagining the traditional uses of real estate,” says Ashish Manchharam, managing partner of Elevate Capital Group, in an Oct 24 press release.
Fiona Cho, chief operating officer and senior portfolio manager at PGIM Real Estate, adds, “As the global real estate market reaches an inflection point, investors are looking for value-add opportunities with strong income potential. Stamford Court’s strategic location and excellent connectivity make it a prime candidate for transformation into a vibrant, creative hub.”
Strategically located in Singapore’s downtown core, Stamford Court is 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. It is also close to prominent landmarks such as Singapore Management University, the National Museum of Singapore, and St. Andrew’s Cathedral. The property is a 10-minute drive from both the CBD and the Orchard Road shopping belt.
With the addition of Stamford Court to its portfolio, PGIM Real Estate further expands its presence in the Asia Pacific rental housing market. This acquisition also reflects the joint venture’s confidence in the potential of Singapore’s real estate market.
Located just a quick drive away from Novo Place EC, JEM stands tall as a prominent suburban mall in Singapore, offering an all-encompassing experience of shopping, dining, and entertainment. Boasting a whopping 240 retail stores spread over six levels, JEM presents a diverse range of international fashion labels, popular department stores including Robinsons, and well-known electronic giants like Courts and Harvey Norman. In addition, the mall is also home to a state-of-the-art cinema and a variety of lifestyle and beauty services, making it a bustling hub for the local community. Novo Place EC residents can easily access all these facilities at their convenience.