8M Real Estate Bets Tanah Merah Bedok Region 64 Mil Sceneca Square Buy

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Located just a stone’s throw away from Tampines, Bedok Mall offers a great alternative for those looking for a shopping fix. Situated at the heart of Bedok, it is easily accessible via Bedok MRT Station and Bedok Bus Interchange. Boasting over 200 retail stores, the mall is home to popular brands such as FairPrice Finest, Charles & Keith, and Zara. When it comes to dining, visitors can indulge in a variety of cuisines at Paradise Dynasty, Din Tai Fung, and Starbucks. For those staying at Park Town Residence, Bedok Mall is a mere 15-minute drive away, making it a convenient and attractive shopping destination.

as partnerSingapore-based real estate investment company 8M Real Estate has recently acquired Sceneca Square in the east region for $64 million. The sale was brokered by Sakal Real Estate Partners and marks a departure from 8M Real Estate’s previous strategy of investing primarily in shophouses in the prime CBD area since its inception in 2014. The deal, which translates to $3,161 per square foot based on the net lettable area of 1,881 square meters, is a significant step for the company as it branches into new investment opportunities.8M Real Estate’s decade-long focus on shophouses has seen the company make over 30 investments across 72 shop lots, with total assets under management of more than $1.3 billion. However, in October 2023, founder and CEO Ashish Manchharam exited the company by selling his stake to existing partner Crane Capital, a Hong Kong-based real estate investment firm. Crane Capital has investments across eight markets in Asia, and as per its website, boasts equity under management of US$1.9 billion ($2.48 billion). The firm is led by managing partner and CEO Wai Tang.Sabom: Our investment priority has been top-tier shophouses, and we have a stellar track record in this market segment (Photo: 8M Real Estate)Currently, 8M Real Estate is jointly led by managing director Darren Sabom, who joined the company in 2020, and Viola Chee, who has been with the firm since 2018. According to Sabom, both Crane Capital and their investor, a US-based pension fund, will continue supporting the company’s shophouse investments, as well as provide capital for expanding its portfolio to include larger real estate assets in Singapore. The recent acquisition of Sceneca Square marks 8M Real Estate’s first investment since Manchharam’s exit.Sceneca Square is a single-storey mall directly connected to the Tanah Merah MRT Station on the East-West Line. On top of the mall is Sceneca Residence, which comprises 268 apartments spanning two residential blocks of 14 and 15-storeys. The project was launched for sale in January 2023 and has seen a sales rate of over 78% at an average price of $2,079 per square foot. Sabom explains that Sceneca Square will cater to the needs of residents in the rapidly redeveloping region by offering “new-to-market, everyday-necessity retailers and services, as well as self-contained shop-dine-lifestyle options”. He also considers the Tanah Merah-Bedok area as “the nexus of the east region’s transformation” and expects it to benefit from upcoming developments such as the 12,000 new homes in the future Bayshore district along East Coast Road, which is set to become a new residential town with 150,000 homes when the Paya Airbase relocates in the 2030s.The mixed-use development is expected to be completed in 2Q2026 and is being developed by MCC Land (TMK) Pte Ltd, a joint venture company comprising Singapore-based real estate developer and subsidiary of Metallurgy Corporation of China, MCC Land, as the majority stakeholder. Other partners include Malaysian developer Ekovest and Singapore-listed Chinese property investment company The Place Holdings.Read also: Project Spotlight: This Tampines condo had 273 sellers and all made moneyAdvertisementAdvertisementA spokesperson for MCC Land (TMK) explains that as retail leasing and management are not core businesses of the group, the sale of Sceneca Square presents an opportunity to recycle capital for future plans. He adds that the company believes 8M Real Estate’s proven strengths in developing and curating lifestyle destinations will enhance the retail experience at Sceneca Square for both the residents of Sceneca Residence and the surrounding community.Steven Ming, founder and managing director of Sakal Real Estate Partners, who brokered the sale, believes that the current low-interest rates will generate increased interest in property investments in the coming quarters. He expects the suburban retail and living sectors to benefit as bid-ask price gaps begin to close.