SINGAPORE-BASED real estate investment company 8M Real Estate is boosting its shophouse portfolio in the central business district (CBD) with a S$29 million purchase of 28 Stanley Street.

The option on the purchase was exercised this month. The freehold property is in the Telok Ayer Conservation Area of the Chinatown Historic District. 8M is buying the shophouse with vacant possession.

“The first and second floors are approved for restaurant use and the third and fourth floors, for office use,” said Terry Wong, senior director of capital markets at JLL, who brokered the sale via an expression of interest exercise.