PGIM Real Estate and Elevate Capital Group have revealed plans to rejuvenate Stamford Court at 61 Stamford Road into a “fresh living, co-working and lifestyle destination”, following their S$132 million acquisition of the asset from UOL’s listed subsidiary Singapore Land (SingLand).
PGIM Real Estate is the real estate investment arm of PGIM, which is Prudential Financial’s global asset management unit. Meanwhile, Elevate Capital is a Singapore-based real estate investment and asset management firm founded by real estate investor Ashish Manchharam.
On Aug 5, Stamford Court was reported by The Business Times to be up for sale with a S$150 million price tag, with Cushman & Wakefield having conducted an expression-of-interest exercise a few months prior.
SingLand on Aug 12 announced plans to sell its entire 100 per cent stake in UIC Land – which owns Stamford Court – to “a company incorporated in Singapore” at the agreed property value of S$132 million.
This is after accounting for UIC Land’s net asset value of S$100.5 million, along with the property’s independent valuation of S$109.5 million as at end-June.
An Aug 13 article by Asian real estate news website Mingtiandi later identified the buyer as a vehicle controlled by PGIM Real Estate and Elevate Capital Partners, citing sources familiar with the transaction.
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The Edge Singapore named the buyer as Spark61, a joint venture between Elevate Capital and “a capital partner”.
Recognised for its distinctive clock tower on the building’s granite and glass facade, the four-storey Stamford Court has retail units on the street level and offices above. It is located on a site area of around 22,300 square feet (sq ft) with a 99-year leasehold tenure that began in May 1994.
Its gross floor area of about 78,190 sq ft is 3.5 times the site area, in tandem with the plot ratio for the commercial-zoned site under the Urban Redevelopment Authority’s Master Plan.
In a press statement on Monday (Oct 28), PGIM Real Estate’s chief operating officer Fiona Cho said the company looked forward to “transforming the asset” through its joint venture with Elevate, and “activating a vibrant community at the heart of the city while delivering sustainable income for (its) investors”.
“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.
“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,” she added.
Noting that the acquisition of Stamford Court represented Elevate Capital’s maiden investment, Manchharam said the property offered potential to showcase the firm’s capability in “reimagining 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 food and beverage offerings, whilst addressing the future of work and urban living in Singapore,” said Manchharam, who is also managing partner at Elevate Capital.
He notably founded 8M Real Estate, and was the conservation shophouse player’s chief executive before he sold his stake in the company and stepped down in October 2023.
