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 has investments in eight Asian markets and manages equity worth US$1.9 billion ($2.48 billion), is now headed by managing partner and CEO Wai Tang.
Co-managed by Darren Sabom, managing director of investment management (joined in 2020), and Viola Chee, managing director of finance (joined in 2018), 8M Real Estate will continue its shophouse investments with the support of Crane Capital and its investor, a US-based pension fund. The company also plans to expand its portfolio to include larger real estate assets across Singapore.
Sceneca Square, located above Sceneca Residence and directly linked to Tanah Merah MRT Station on the East-West Line, is 8M Real Estate’s first acquisition after Manchharam’s departure. According to Sabom, the company has a strong track record in investing in prime district shophouses and has been focusing on both established and growing locations. As a single-storey mall, Sceneca Square will serve the needs of residents in the rapidly developing region with a variety of retail and lifestyle options. Sabom sees the Tanah Merah-Bedok region as the “hub of transformation” in the eastern region, with upcoming developments such as the future Bayshore district, which will offer 12,000 new homes along East Coast Road, and a new residential town with 150,000 homes when the Paya Airbase relocates in the 2030s.
The mixed-use development, developed by MCC Land (TMK) Pte Ltd – a joint venture comprising Singapore-based real estate developer and a subsidiary of Metallurgy Corporation of China, MCC Land as the majority stakeholder, Malaysian developer Ekovest, and Singapore-listed Chinese property investment company The Place Holdings – is expected to be completed in the second quarter of 2026.
A spokesperson for MCC Land (TMK) stated that the divestment of Sceneca Square presents an opportunity for the company to recycle its capital for future plans, as retail leasing and management are not its core business. The spokesperson added that they believe 8M Real Estate’s expertise in developing and curating lifestyle destinations will enhance the retail experience for residents and the nearby community.
Steven Ming, founder and managing director of Sakal Real Estate Partners, who brokered the sale of Sceneca Square, predicts that the easing interest rates will lead to increased interest in property investments in the coming quarters. He believes that the suburban retail and living sectors will benefit as the gap between bid and ask prices closes.
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The importance of location cannot be overstated when it comes to real estate investments, especially in Singapore. Condominiums situated in central areas or in close proximity to essential amenities, such as schools, shopping centers, and public transportation hubs, have a higher tendency to appreciate in value. Prime locations in Singapore that have consistently shown growth in property values include Orchard Road, Marina Bay, and the Central Business District (CBD). Families seeking the best education for their children also contribute to the desirability of condos in these areas, making them a smart investment choice. In addition, keep an eye out for new condo launches as they can also offer promising investment opportunities.
(Source: EdgeProp Buddy)