8M Real Estate poised to ride wave of CBD living
The group, which owns a portfolio of mostly conservation shophouses, is changing focus for its accommodation business to longer-term stays.
Kalpana Rashiwala
SINGAPORE-BASED property investment company 8M Real Estate (8MRE) has made a name for itself, not only for assembling a sizeable portfolio of conservation shophouses in the city-state but also for its flair as a landlord in curating food and beverage (F&B) concepts at its properties.
While rental income from F&B tenants will continue to account for a big part of the group's business, the next major growth driver and one which is already underway is the accommodation business under its 8M Collective umbrella brand and management arm.
The group terms its accommodation offering as "flexible living", with guests having the option of selecting the mix of services and amenities they wish to avail as well as the length of stay. Currently, the accommodation space within 8MRE's property portfolio is more hotel-centric with a focus on short stays. "However, going forward, we're building up an accommodation portfolio that will focus on longer-term stays, equivalent to serviced apartments," says Ashish Manchharam, founder and chief executive officer of 8M Real Estate, in a recent interview with The Business Times.
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