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Stanley Quek companies sell 7 shophouses for S$81.4m to 8M Real Estate

Gross yield works out to 4%. Portfolio includes 5 adjoining properties on Tanjong Pagar Road

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Nos 15, 17, 19, 21 and 23 Tanjong Pagar Road (above) are changing hands for S$57.4 million. This works out to S$2,166 per square foot on the estimated gross floor area of 26,500 sq ft spanning four floors and a mezzanine level.
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Mr Manchharam of 8M Real Estate said the total value of the group's 15 CBD conservation shophouses today is about S$200 million.

Singapore

A GROUP of companies controlled by seasoned property investor Stanley Quek is selling seven shophouses for S$81.4 million to boutique real estate investment company 8M Real Estate.

Five of the shophouses are adjoining properties at Nos 15, 17, 19, 21 and 23 Tanjong Pagar