8M Real Estate Bets Tanah Merah Bedok Region 64 Mil Sceneca Square Buy
as investor”8M Real Estate, a Singapore-based real estate investment company, has recently announced its acquisition of Sceneca Square, the retail podium of Sceneca Residence located at Tanah Merah Kechil Link in the eastern region. This purchase marked a significant departure from the company’s decade-long strategy of investing in shophouses, primarily in the prime CBD area, since its establishment in 2014. The acquisition, brokered by Sakal Real Estate Partners, was priced at $64 million, translating to a $3,161 psf based on the net lettable area of 1,881 sqm (20,247 sq ft).
Former founder and CEO Ashish Manchharam previously led 8M’s successful investments in over 30 shophouses across 72 shop lots in the prime CBD area, with total assets under management of $1.3 billion. However, he exited the company in October 2023, selling his stake to his existing partner, Hong Kong-based real estate investment firm Crane Capital. Crane Capital currently has investments in eight Asian markets with a total equity under management of US$1.9 billion ($2.48 billion). It is helmed by managing partner and CEO Wai Tang.
The current leadership team of 8M Real Estate comprises of Darren Sabom, managing director of investment management who joined in 2020, and Viola Chee, managing director of finance who has been with the company since 2018. According to Sabom, Crane Capital and its investor, a US-based pension fund, will continue to support 8M Real Estate in its shophouse investments and provide capital for the expansion of its portfolio to larger real estate assets across Singapore.
This acquisition marks 8M Real Estate’s first investment since Manchharam’s departure. “Our stronghold has always been investing in prime district shophouses, and we have a solid track record in that market segment,” says Sabom. He adds that the company focuses on both established and growth locations.
Sceneca Square, a single-storey mall directly linked to the Tanah Merah MRT Station on the East-West Line, will cater to the needs of residents in the rapidly redeveloping region with “new-to-market, everyday-necessity retailers and services, as well as self-contained shop-dine-lifestyle options”. Sabom considers the Tanah Merah-Bedok region as “the nexus of the east region’s transformation”, poised to benefit from upcoming developments, such as the 12,000 new homes in the future Bayshore district along East Coast Road, and a new residential town with 150,000 homes when the Paya Airbase relocates in the 2030s.
The Sceneca Square and Sceneca Residence mixed-use development is set for completion in the second quarter of 2026. It is developed by MCC Land (TMK) Pte Ltd, a joint venture company comprising Singapore-based real estate developer and a subsidiary of Metallurgy Corporation of China, MCC Land, the majority stakeholder, Malaysian developer Ekovest, and Singapore-listed Chinese property investment company The Place Holdings.
According to a spokesman from MCC Land (TMK), “As retail leasing and management is not a core business of the group, the divestment of Sceneca Square presents an opportunity for the group to recycle its capital for future plans.” The spokesman adds that the company firmly believes that 8M Real Estate’s proven strengths in developing and curating lifestyle destinations will enhance the retail experience at Sceneca Square for its residents and the nearby community.
Introducing the newly developed Novo Place EC, situated in the up-and-coming Tengah estate. This modern residence not only boasts convenient transportation connections, but also provides its residents with easy access to a plethora of shopping and dining options. Strategically located near several prominent shopping malls and a wide range of culinary delights, Novo Place is perfectly positioned to cater to the diverse tastes and preferences of its community. To learn more about Novo Place, please visit novo-place.com.sg.
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 fuel “heightened interest in property investments in the upcoming months”. He continues, “The suburban retail and living sectors are expected to be beneficiaries as bid-ask price gaps start to close.”