# Elevate Capital gives 30-year-old Stamford Court a new lease of life as Stamford Place

- **Source:** EdgeProp Singapore
- **Published:** 2026-09-25T02:00:00.000Z
- **Author:** Cecilia Chow
- **Original:** https://www.edgeprop.sg/property-news/elevate-capital-gives-30-year-old-stamford-court-new-lease-life-stamford-place
- **Topics:** Commercial & Industrial, New Launches, Transactions & Deals

## Featured rationale

Early co-working demand and long-term serviced-apartment bookings signal potential for adaptive reuse to unlock value in well-located, undermanaged older commercial buildings.

## AI summary

Elevate Capital and PGIM Real Estate acquired Stamford Court for $132 million in October 2024 and repositioned it as mixed-use Stamford Place.

## Original article

For the past two decades, Singapore Management University (SMU) students crossed Stamford Road to Stamford Court mainly for two reasons: the bus stop in front of the building, or the 24-hour Cheers convenience store at the corner of the four-storey commercial building with the clock tower.

“The whole area was quite dead,” says Randy Chan, principal architect at Zarch Collaboratives, which led the transformation of the former Stamford Court, now Stamford Place.

Elevate Capital, which targets well-located buildings that are 20 to 30 years old and undermanaged, acquired Stamford Court with joint-venture partner PGIM Real Estate for $132 million in October 2024. It sits on a 99-year lease from 1994, with about 67 years remaining.

Search for the latest New Launches, to find out the transaction prices and available units

“We felt that it was a high-quality asset — very central, great location, but trapped in time,” says Ashish Manchharam, founder and managing partner of Elevate Capital.

“We saw the opportunity to reposition the property to cater to the students, those working in the neighbouring office buildings, tourists and also guests from the nearby hotels,” he adds.

Manchharam hopes that the refreshed Stamford Place will be “the catalyst for the area”.

Completed in 1996, Stamford Court had reached the age when many owners begin to weigh tearing down and rebuilding. Instead, its structure was retained, and its granite cladding and clock tower reworked rather than replaced.

To cater to the neighbourhood, a variety of F&B options were introduced in the ground-floor units. They include Blue Label Tavern, which has already opened. It will soon be joined by Gelato Messina, which will host a pop-up by cookie bakeshop Butter, as well as Japanese restaurant Yoruya and Nanyang Old Coffee.

Complementing these is Stamford Social, a 50-seat all-day European-inspired café and bar connected to the lobby of the new Stamford Place. “We need to have a variety of affordable, all-day F&B options to cater to the neighbourhood,” he says.

The ground floor will also house a wellness concept and Cold Storage On The Go, the supermarket chain’s new small-format store.

Read also: Orchard Road must double down on community and experiences to remain Asia's premier lifestyle destination

The three upper floors now house a co-working space run by The Great Room and 66 serviced apartments under a new serviced apartment brand, APT, created by Elevate Capital.

Even before Stamford Place fully opens, early indications suggest strong demand, with The Great Room co-working space continuing to be filled. APT has already secured long-term bookings. Given its proximity to the track, it has also taken week-long stays for the Formula 1 Singapore Grand Prix 2026 from Oct 9 to 11, notes Manchharam.

Updating for modern-day use

Zarch worked alongside the Ministry of Design (MOD), whose founder and director of design, Colin Seah, led the design of the exterior refresh and the interiors.

For Zarch, the main challenge during the refurbishment was converting the former office building into a mixed-use development with serviced apartments. Bathrooms had to be fitted in every unit across all floors, and approvals had to be obtained from various government agencies before work could start.

As a result, construction began only in October 2025 and was completed at the end of August. The entire interior was gutted, leaving only the lift core and the building’s structural shell, says Chan.

The building’s reddish-brown granite cladding, similar in tone to Ngee Ann City’s, was unmistakably of the 1990s. Removing it, however, risked damaging the waterproofing and windows, says MOD’s Seah. Instead, façade specialist Building Façade Group applied a textured, stone-effect coating over the existing granite, giving the building a lighter grey finish.

Read also: Stamford Place will open in September after revamp, with serviced apartments, workspaces, dining, culture

“We wanted the façade to be stately, akin to our neighbours,” says Seah. He is referring to the historic buildings of the Civic District around Stamford Place. Among them are the Vanguard Building, Stamford House (now part of The Capitol Kempinski Hotel) and the Peranakan Museum.

The Vanguard Building and Stamford House were both designed by Regent Alfred John Bidwell, one of Singapore’s most influential colonial-era architects. Bidwell is best known for Raffles Hotel and the Victoria Memorial Hall (now Victoria Concert Hall).

At Stamford Place, the most prominent feature is the clock tower, which Zarch renovated. “We cleaned up the clock, gave it a new mechanism, and it now has a new lease of life,” says Chan.

The main entrance has also been repositioned, says MOD’s Seah. Designed as “a layered arched portal”, it now sits directly beneath the clock tower as the building’s focal point. Previously, that spot was occupied by Cheers, while the main entrance was tucked away at the side, “which was very odd”, he adds.

Both Zarch and MOD had worked with Manchharam when he led real estate investment firm 8M Real Estate. MOD had designed the interiors of the conservation shophouse at 28 Stanley Street. Meanwhile, Zarch worked on several adaptive reuse projects involving conservation properties, including the former Eu Yan Sang Building on South Bridge Road and conservation shophouses at 111 Jalan Besar as well as Tanjong Pagar.

Of time and place

Stamford Place’s site has a long history. The corner of Stamford Road and Hill Street was once occupied by Eu Court, built in the late 1920s by businessman Eu Tong Sen. It was demolished in 1992 to make way for road widening works along Hill Street and Victoria Street. Singapore Land Group acquired the site in 1994 and completed Stamford Court two years later.

While the exterior of Stamford Place is now light grey, the interior palette is terracotta, reminiscent of the roof, floor and veranda tiles of the black-and-white bungalows designed by Bidwell, says Seah. “The whole spirit of the brand — APT and The Great Room — is about celebrating the human scale, and being warm and welcoming.”

The clock tower also inspired a theme of time that runs through the interiors. It is reflected in the horology-inspired LED chandelier in the lobby, and in the hourglass patterns on the upholstered leather panels lining the bar counters at Stamford Social, the concierge reception and The Great Room’s drawing room. “Once we nailed down the narrative with everyone, it became the North Star of the project,” says Seah.

Artworks by Singapore-based artists follow the theme. The common areas will feature works by Richard Hassell, co-founder of architecture firm Woha and an artist focused on textiles, rugs and three-dimensional architectural installations; Samuel Xun, known for his ornate sculptures, installations and textile compositions; and artist, designer and ceramicist Genevieve Ang. Meanwhile, the serviced apartments will display prints by visual artists and muralists, including Soph O and Bblob.

Work and stay under one roof

The Great Room by Industrious has taken about 30,000 sq ft across all of Level 2 and half of Level 3. Since The Great Room was acquired by US flexible workplace provider Industrious in May 2022, its other locations have been rebranded under the Industrious name.

However, The Great Room name was retained for Stamford Place as “it resonated with the overall building concept in terms of positioning”, says Manchharam. It is therefore positioned as “a white label brand”, similar to APT.

He expects occupancy at The Great Room to stabilise at about 90% by early 2027.

The APT serviced apartments occupy half of Level 3 and the entire Level 4. The 66 apartments are managed in partnership with Frasers Hospitality.

Rather than a corporate-style offering, APT is positioned as “an upscale serviced apartment with a boutique-hotel feel”, says Manchharam.

The surrounding area already has plenty of hotel rooms, he adds. Across Stamford Road are the 350-room Pullman and The Capitol Kempinski, with 155 rooms and suites. The 940-room Carlton Hotel Singapore is on Bras Basah Road, while further down at Funan, co-living property Lyf Funan has 329 units.

APT, however, is aimed primarily at guests with a minimum stay of a week. “We want to provide a space for those who want to stay longer, and therefore prefer to have home-like amenities,” says Manchharam.

Units range from studios to suites, with sizes averaging 35 sqm (377 sq ft). There are also dual-key units of about 50 sq m (538 sq ft), which include a common vestibule with a seating area, a pantry with a microwave oven, and a minibar refrigerator. These dual-key units cater to families.

The rooms have high ceilings and full-height windows, now fitted with a second layer of glass to reduce noise and glare. The walls and ceilings have also been acoustically treated. “We want to ensure that people can have a good night’s sleep,” says Manchharam.

Promotional rates are said to start at $268 per night, and are expected to stabilise closer to $300 for the entry-level studios, he adds. The expectation is that occupancy rates will stabilise at the “mid-80%” by early 2027.

APT guests share a gym on Level 3 with The Great Room’s members. They can also use its drawing room and book its meeting rooms.

“We wanted to have a more dynamic building; that’s why we wanted The Great Room and APT spaces to be integrated, so it feels more like a live, work, play environment,” says Manchharam.

Wider catchment

With 500 desks and 66 apartments, the building will accommodate 500 to 600 people when fully occupied, Manchharam estimates. The F&B outlets, however, are intended to draw not only Stamford Place’s occupiers but also people within a 50m to 100m radius — what he calls “our primary catchment”.

That includes SMU, which has more than 13,000 undergraduates, postgraduates and researchers, as well as guests at The Capitol Kempinski and Pullman. Furen International School will be taking over the neighbouring Vanguard Building as its new campus, while Sembcorp Industries’ headquarters is nearby at 30 Hill Street.

Just behind Stamford Place, the pedestrianised Armenian Street and the Peranakan Museum draw tourists, while Fort Canning Park is a short walk away.

Both Manchharam and Zarch’s Chan have tried out APT for themselves. Chan stayed over a weekend with his family. “We were tourists for a day,” he says. “The location is wonderful — you can walk to Raffles City, the museums, and even catch the light show during the Singapore Night Festival.”

During his stay, Manchharam went for a 7am run past Armenian Street, looping through Fort Canning Park and back.

Longer stays help serviced apartment guests get to know the area, says Chan. “When you have people staying for two to four weeks, they will start to understand and explore the neighbourhood.”

Tenant curation at Stamford Place has focused on operators already established in Singapore. “We wanted tenants with a track record for quality and the ability to bring people back as well,” says Manchharam. “The pricing also has to be managed, so it’s affordable for everyone.”

The Blue Label Tavern is a casual dining concept by Travis Masiero Restaurant Group, best known for Luke’s Oyster Bar and Chophouse. It specialises in stone-fired pizzas, dry-rubbed rotisserie chicken and beer on tap. Happy hour runs until 6pm, while the restaurant stays open until 10.30pm from Mondays to Saturdays. “Students from across the street can come here to grab a beer and dinner after class,” says Manchharam.

Manchharam lunches at Blue Label Tavern regularly and has run into groups from the National Gallery and Sembcorp, as well as SMU lecturers and families with young children. “It is a wide mix, and gives you an idea of the type of people who are in the area as well,” he says.

Stamford Social, meanwhile, is targeting the breakfast-to-evening crowd, operating as a café in the morning before switching to happy hour later in the day.

Merchant House

Elevate Capital’s second repositioning play is 51 Merchant Road, which it acquired jointly with LaSalle Investment Management for $121.8 million in February 2026, below the property’s market valuation of $152.7 million. Formerly occupied by Raffles Education, the four-storey building will be renamed Merchant House.

Omnicom has signed a five-year lease, with an option to renew, for 50,000 sq ft across the upper floors and the two adjoining rows of conservation shophouses fronting Fisher Street.

Manchharam plans to convert the building’s large atrium into “part F&B, part wellness”. Refurbishment is expected to take about 18 months.

The building sits on a 99-year lease from May 15, 1993, with about 66 years remaining. It is opposite City Developments’ Union Square, a 735,500 sq ft mixed-use redevelopment of the former Central Mall and Central Square, due for completion in 2029.

Manchharam sees Merchant House as a different proposition from Stamford Place. While Stamford Place is an integrated mixed-use development, Merchant House will be part of a larger mixed-use precinct anchored by Union Square.

Human scale

Elevate Capital continues to hunt for properties priced below replacement cost. “After refurbishment, we are still at a good price point,” says Manchharam.

Its sweet spot is buildings with a gross floor area of 50,000 to 100,000 sq ft, such as Stamford Place, at about 78,190 sq ft, and Merchant House, at 71,111 sq ft. “We are looking at properties that are of a human scale,” he says.

He also sees room to grow the APT brand, focusing on properties with 50 to 150 rooms.

Singapore will remain Elevate Capital’s main focus, but the firm will be “more opportunistic” overseas. One market Manchharam is watching is Hong Kong, where he lived for three years, over a decade ago. “I feel like the market is coming back,” he says. “We can see an uptick in terms of demand for commercial space.”

For now, there is plenty to work with closer to home. Many buildings in Singapore are reaching the 20- to 30-year mark, when owners must decide whether to retrofit or tear down and rebuild, says Zarch’s Chan, who is a founding member of the Singapore chapter of Docomomo, an international non-profit that documents and conserves modern-movement architecture.

Some may choose to sell instead. This is where Manchharam sees opportunity. “There are a lot of older buildings out there that are undermanaged,” he says. “We are looking at what we could potentially do with these buildings, and how we can reposition them, instead of redeveloping.”

Check out the latest listings for Stamford Place properties

## Chinese translation

> Translation model: grok_cli

### Elevate Capital让楼龄30年的Stamford Court以Stamford Place之名重获新生

对Elevate Capital而言，最理想的标的是总楼面面积为50,000至100,000平方英尺、且管理不足的较旧楼宇。

过去二十年来，新加坡管理大学（SMU）的学生穿过Stamford Road前往Stamford Court，主要出于两个原因：楼前的巴士站，或是这栋带钟楼的四层商业楼转角处、24小时营业的Cheers便利店。

“整个区域相当冷清，”Zarch Collaboratives主持建筑师Randy Chan说。该事务所主导了前Stamford Court（现为Stamford Place）的改造。

Elevate Capital以地段优越、楼龄20至30年且管理不足的楼宇为目标，于2024年10月与合资伙伴PGIM Real Estate以1.32亿新元收购Stamford Court。该物业坐落于1994年起计的99年地契上，剩余年期约67年。

搜索最新新盘，以了解成交价格及可供单位

“我们认为这是一项优质资产——位置非常核心、地段极佳，但却被困在时光之中，”Elevate Capital创始人兼管理合伙人Ashish Manchharam说。

“我们看到了重新定位该物业的机会，以服务学生、在邻近办公楼工作的人、游客，以及附近酒店的住客，”他补充道。

Manchharam希望焕新后的Stamford Place能成为“该片区的催化剂”。

Stamford Court于1996年竣工，已到了许多业主开始权衡是否拆除重建的楼龄。然而，其结构得以保留，花岗岩外墙饰面和钟楼则经过改造，而非被更换。

为服务周边社区，地面层单位引入了多种餐饮选择。其中包括已经开业的Blue Label Tavern。很快还将加入Gelato Messina——它将承办曲奇烘焙店Butter的快闪店——以及日式餐厅Yoruya和Nanyang Old Coffee。

与这些相辅相成的是Stamford Social，一家设有50个座位、全天营业、灵感源自欧洲的咖啡馆兼酒吧，与新Stamford Place的大堂相连。“我们需要多种价格相宜、全天供应的餐饮选择，来服务周边社区，”他说。

地面层还将设有一个健康养生概念，以及超市连锁全新的小型门店Cold Storage On The Go。

延伸阅读：乌节路必须在社区与体验上加倍投入，才能继续保持亚洲首屈一指的生活方式目的地地位

上方三个楼层现设有由The Great Room运营的共享办公空间，以及66套服务式公寓，隶属于Elevate Capital创立的新服务式公寓品牌APT。

甚至在Stamford Place全面开业之前，早期迹象已显示需求强劲，The Great Room共享办公空间持续被订满。APT已经锁定长期预订。Manchharam指出，鉴于靠近赛道，这里也承接了2026年新加坡一级方程式大奖赛（Formula 1 Singapore Grand Prix）期间为期一周的住宿，赛事于10月9日至11日举行。

为当代使用而更新

Zarch与Ministry of Design（MOD）协同工作，后者的创始人兼设计总监Colin Seah主导了外观翻新及室内设计。

对Zarch而言，翻新期间的主要挑战，是将这栋前办公楼改造成设有服务式公寓的综合用途发展项目。所有楼层的每一个单位都必须加装浴室，而且工程开工前必须取得多个政府机构的批准。

因此，施工直到2025年10月才开始，并于8月底完工。Chan说，整个室内被彻底拆除清空，只留下电梯核心筒和建筑的结构外壳。

这栋建筑的红褐色花岗岩外墙饰面，色调与义安城（Ngee Ann City）相近，鲜明地带有1990年代的特征。不过，MOD的Seah表示，将其拆除有损坏防水层和窗户的风险。于是，外立面专业公司Building Façade Group在原有花岗岩之上施以带纹理的仿石涂层，使建筑呈现更浅的灰色饰面。

延伸阅读：Stamford Place将于翻新后在9月开业，设有服务式公寓、工作空间、餐饮与文化设施

“我们希望外立面庄重典雅，与我们的邻楼相称，”Seah说。他指的是Stamford Place周边市政区（Civic District）的历史建筑。其中包括Vanguard Building、Stamford House（现为The Capitol Kempinski Hotel的一部分）以及土生文化馆（Peranakan Museum）。

Vanguard Building与Stamford House均由Regent Alfred John Bidwell设计，他是新加坡殖民时期最具影响力的建筑师之一。Bidwell最为人知的作品是莱佛士酒店（Raffles Hotel）和维多利亚纪念堂（Victoria Memorial Hall，现为维多利亚音乐厅Victoria Concert Hall）。

在Stamford Place，最突出的特征是经Zarch翻新的钟楼。“我们把时钟清理干净，换上了新机芯，它如今重获新生，”Chan说。

MOD的Seah表示，主入口也已重新定位。它被设计为“层叠的拱形门户”，如今正位于钟楼正下方，成为建筑的焦点。以往，那个位置由Cheers占据，主入口则藏在侧面，“这非常奇怪”，他补充道。

Zarch与MOD都曾在Manchharam执掌房地产投资公司8M Real Estate时与他合作。MOD设计了位于28 Stanley Street的保育店屋室内。与此同时，Zarch参与了多个涉及保育物业的适应性再利用项目，包括位于South Bridge Road的前余仁生大厦（Eu Yan Sang Building），以及位于111 Jalan Besar和丹戎巴葛（Tanjong Pagar）的保育店屋。

时间与地点

Stamford Place的地块有着悠久历史。Stamford Road与Hill Street的转角处曾是Eu Court，由商人余东旋（Eu Tong Sen）于1920年代末兴建。该建筑于1992年被拆除，为Hill Street和Victoria Street沿线的道路拓宽工程让路。新加坡置地集团（Singapore Land Group）于1994年购得此地，并在两年后建成Stamford Court。

Seah说，Stamford Place的外观如今是浅灰色，室内色调则为赤陶色，令人想起Bidwell所设计黑白洋房的屋顶、地板和阳台瓷砖。“APT与The Great Room这两个品牌的整体精神，在于颂扬人性尺度，并且温暖而亲切。”

钟楼也启发了一个贯穿室内的时间主题。它体现在大堂那盏受钟表工艺启发的LED吊灯中，也体现在衬于Stamford Social吧台、礼宾接待处以及The Great Room会客厅的软包皮革饰面板上的沙漏图案里。“一旦我们与所有人确定了这一叙事，它就成为项目的北极星，”Seah说。

常驻新加坡的艺术家作品同样延续这一主题。公共区域将展出Richard Hassell的作品——他是建筑事务所Woha的联合创始人，也是一位专注于纺织品、地毯和三维建筑装置的艺术家；还有以华丽雕塑、装置和纺织构图闻名的Samuel Xun；以及艺术家、设计师兼陶艺家Genevieve Ang。与此同时，服务式公寓将展出视觉艺术家和壁画艺术家的版画，其中包括Soph O和Bblob。

同一屋檐下工作与居住

The Great Room by Industrious承租了约30,000平方英尺，范围覆盖整个2层以及3层的一半。自The Great Room于2022年5月被美国灵活办公空间供应商Industrious收购以来，其其他据点都已改以Industrious的名称重新品牌化。

不过，Stamford Place保留了The Great Room这一名称，因为“就定位而言，它与整体建筑概念相呼应”，Manchharam说。因此，它被定位为“白标品牌”，与APT类似。

他预计，The Great Room的入驻率到2027年初将稳定在约90%。

APT服务式公寓占据3层的一半以及整个4层。这66套公寓在与Frasers Hospitality的合作下进行管理。

Manchharam说，APT并非企业式产品，而是被定位为“具有精品酒店感觉的高档服务式公寓”。

他补充道，周边地区的酒店客房已经很多。Stamford Road对面是拥有350间客房的Pullman，以及拥有155间客房和套房的The Capitol Kempinski。拥有940间客房的Carlton Hotel Singapore位于Bras Basah Road；再往前至Funan，共居物业Lyf Funan拥有329个单位。

不过，APT主要面向最短入住一周的住客。“我们希望为那些想住得更久、因而更希望拥有家居式配套的人提供空间，”Manchharam说。

单位从开间到套房不等，面积平均为35平方米（377平方英尺）。另有约50平方米（538平方英尺）的双钥匙单位，包含一个带座位区的共用前厅、一间配有微波炉的备餐间，以及一台迷你吧冰箱。这些双钥匙单位面向家庭。

客房设有高天花和落地窗，现已加装第二层玻璃，以减少噪音和眩光。墙体和天花板也经过声学处理。“我们希望确保人们能够一夜好眠，”Manchharam说。

他补充道，促销价格据说从每晚268新元起，入门级开间预计将稳定在更接近每晚300新元的水平。预计入住率到2027年初将稳定在“80%中段”。

APT住客与The Great Room的会员共用位于3层的健身房。他们也可以使用其会客厅，并预订其会议室。

“我们希望这栋建筑更有活力；所以我们希望The Great Room与APT的空间相互融合，让它更像一个生活、工作、玩乐的环境，”Manchharam说。

更广的客源腹地

Manchharam估计，凭借500个工位和66套公寓，这栋建筑在满员时可容纳500至600人。不过，餐饮门店不仅要吸引Stamford Place的使用者，也要吸引半径50米至100米范围内的人——他称之为“我们的主要客源腹地”。

这包括拥有超过13,000名本科生、研究生和研究人员的SMU，也包括The Capitol Kempinski和Pullman的住客。Furen International School将接管邻近的Vanguard Building，作为其新校园；胜科工业（Sembcorp Industries）的总部则位于附近的30 Hill Street。

就在Stamford Place后方，已改为步行街的Armenian Street和土生文化馆吸引着游客，而福康宁公园（Fort Canning Park）步行即可到达。

Manchharam和Zarch的Chan都亲自体验了APT。Chan与家人度过了一个周末。“我们当了一天的游客，”他说。“位置好极了——可以步行前往莱佛士城（Raffles City）和各个博物馆，甚至能在新加坡夜间艺术节（Singapore Night Festival）期间赶上灯光秀。”

入住期间，Manchharam早上7点出门跑步，经过Armenian Street，绕行福康宁公园后返回。

Chan说，住得更久有助于服务式公寓住客认识这一带。“当人们住上两到四周，他们就会开始理解并探索周边街区。”

Stamford Place的租户甄选聚焦于已在新加坡立足的运营商。“我们希望租户既有品质方面的往绩，也有能力让人再次上门，”Manchharam说。“定价也必须管理好，让每个人都负担得起。”

Blue Label Tavern是Travis Masiero Restaurant Group旗下的休闲餐饮概念，该集团最为人知的是Luke's Oyster Bar and Chophouse。它主打石炉披萨、干式香料腌制转烤鸡和现打啤酒。欢乐时光持续至下午6点，餐厅则于周一至周六营业至晚上10点30分。“街对面的学生下课后可以来这里喝杯啤酒、吃顿晚餐，”Manchharam说。

Manchharam经常在Blue Label Tavern用午餐，也曾遇到来自国家美术馆（National Gallery）和胜科（Sembcorp）的团体，以及SMU讲师和带着年幼孩子的家庭。“客群非常多元，也能让你了解这一带都是什么样的人，”他说。

与此同时，Stamford Social瞄准从早餐时段到晚间的客群，早晨以咖啡馆经营，当天晚些时候再转为欢乐时光。

Merchant House

Elevate Capital的第二个重新定位项目是51 Merchant Road。该公司于2026年2月与LaSalle Investment Management共同以1.218亿新元收购该物业，低于其1.527亿新元的市场估值。这栋四层建筑此前由莱佛士教育（Raffles Education）使用，将被更名为Merchant House。

Omnicom已签下一份为期五年、附带续租选择权的租约，承租面积为50,000平方英尺，范围涵盖上层楼面以及面向Fisher Street的两排相邻保育店屋。

Manchharam计划将该建筑的大型中庭改造成“一部分餐饮、一部分健康养生”。翻新预计约需18个月。

该建筑坐落于1993年5月15日起计的99年地契上，剩余年期约66年。它对面是城市发展（City Developments）的Union Square，即前Central Mall与Central Square的综合用途重建项目，规模为735,500平方英尺，预计2029年竣工。

Manchharam认为，Merchant House与Stamford Place是不同的命题。Stamford Place是一体化的综合用途发展项目，而Merchant House将成为以Union Square为锚的更大综合用途片区的一部分。

人性尺度

Elevate Capital继续寻找价格低于重置成本的物业。“翻新之后，我们仍处于一个不错的价格点，”Manchharam说。

其最理想的标的是总楼面面积为50,000至100,000平方英尺的楼宇，例如约78,190平方英尺的Stamford Place，以及71,111平方英尺的Merchant House。“我们看中的是具有人性尺度的物业，”他说。

他也看到拓展APT品牌的空间，重点关注拥有50至150间客房的物业。

新加坡仍将是Elevate Capital的主要重心，但该公司在海外将“更伺机而动”。Manchharam正在关注的市场之一是香港；十多年前，他曾在那里居住三年。“我觉得市场正在回暖，”他说。“我们可以看到商业空间的需求有所上升。”

眼下，更靠近本土的地方就有不少事情可做。新加坡许多楼宇正步入20至30年的节点，业主必须决定是改造更新，还是拆除重建，Zarch的Chan说道。他是Docomomo新加坡分会的创始成员；Docomomo是一个记录并保育现代主义运动建筑的国际非营利组织。

有些人则可能选择出售。这正是Manchharam看到机会的地方。“外面有不少管理不足的较旧楼宇，”他说。“我们在看的是，对这些楼宇我们有可能做些什么，以及如何重新定位它们，而不是重新发展。”

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