Hi,8M Real Estate, a Singapore-based real estate investment firm, has recently acquired Sceneca Square, the retail podium of Sceneca Residence in the east region. The purchase price for the property, located at Tanah Merah Kechil Link, is $64 million, amounting to $3,161 per square foot based on the net lettable area of 1,881 sqm (20,247 sq ft). The deal was brokered by Sakal Real Estate Partners.
This purchase marks a change in strategy for 8M Real Estate, which has focused solely on investing in shophouses in the prime CBD area for the past ten years since its establishment in 2014. Under the leadership of former CEO and founder Ashish Manchharam, the company has made over 30 investments in shophouses, encompassing 72 shop lots and totaling more than $1.3 billion in assets under management.
Manchharam left 8M in October 2023, selling his stake in the company to existing partner Crane Capital, …