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Singapore-based real estate investment firm 8M Real Estate has recently acquired Sceneca Square, the retail podium of Sceneca Residence in the east region, for a purchase price of $64 million. The retail podium spans 1,881 sqm (20,247 sq ft), translating to a price of $3,161 psf.
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The deal was brokered by Sakal Real Estate Partners and marks a new direction for 8M Real Estate, which has primarily invested in shophouses in the prime CBD area since its inception in 2014. Under the leadership of former founder and CEO Ashish Manchharam, 8M made over 30 shophouse investments with total assets under management of $1.3 billion.
However, Manchharam exited the firm in 2023 and sold his stake to Hong Kong-based real estate investment firm Crane Capital. According to its website, Crane Capital has investments in eight markets across Asia, with equity under management of $1.9 billion. The firm is headed by managing partner and CEO Wai Tang.
Now jointly led by managing director, investment management Darren Sabom and managing director, finance Viola Chee, 8M Real Estate will continue to receive support from Crane Capital and its US-based pension fund investor in its shophouse investments. The company also plans to expand its portfolio to include larger real estate assets across Singapore.
Sceneca Square is the first acquisition made by 8M Real Estate since Manchharam’s exit. It is a single-storey mall directly connected to the Tanah Merah MRT Station and sits on top of Sceneca Residence, a residential development comprising 268 apartments.
Sabom considers the Tanah Merah-Bedok region as “the nexus of the east region’s transformation”, with upcoming developments such as the 12,000 new homes in the future Bayshore district along East Coast Road.
Scheduled for completion in 2Q2026, Sceneca Square is expected to cater to the needs of the rapidly redeveloping region and offer a range of retail options including “new-to-market, everyday-necessity retailers and services, as well as self-contained shop-dine-lifestyle options”.
The project is developed by MCC Land (TMK) Pte Ltd, a joint venture company comprising Metallurgy Corporation of China (MCC Land), Ekovest and The Place Holdings. A spokesman for MCC Land (TMK) says that the group plans to “recycle its capital for future plans” as retail leasing and management is not a core business.
Steven Ming, founder and managing director of Sakal Real Estate Partners, believes that the current low interest rates will drive interest in property investments, particularly in the suburban retail and living sectors.