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

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 Road; they 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.

The five shophouses are on 8,902 sq ft of land with about 77.5 years' balance lease. The internal space in the five adjacent properties is contiguous.

8M Real Estate managing director Ashish Manchharam said the space on the ground floor has been vacated by the previous tenant and will be leased to several restaurants. On Level 2 are Yoga Movement and landscape architects Grant Associates. Online content discovery platform Outbrain occupies mo…