8M Real Estate, a real estate investment firm based in Singapore, has recently acquired Sceneca Square, the retail podium of Sceneca Residence located at Tanah Merah Kechil Link in the eastern region. The purchase price for the property was $64 million, which translates to $3,161 per square foot (psf) based on the net lettable area of 1,881 square meters (20,247 square feet). The deal was brokered by Sakal Real Estate Partners.
This acquisition marks a shift in 8M Real Estate’s investment strategy, as the firm has primarily focused on shophouses in the Central Business District (CBD) area since its establishment in 2014. Under the leadership of former CEO Ashish Manchharam, the company made over 30 shophouse investments across 72 shop lots, managing assets worth over $1.3 billion. However, Manchharam exited the company in October 2023, selling his stake to Hong Kong-based real estate investment firm Crane Capital. Crane Capital, which …