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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
Kalpana Rashiwala
Published Mon, May 9, 2016 · 09:50 PM
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.
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