8M buys shophouses, commercial building for S$82.5m

Singapore

HOMEGROWN investment property company 8M Real Estate has bagged a portfolio of nine conservation shophouses and a commercial building in District 1 near the Singapore River for a total of S$82.5 million.

The properties are in two clusters - one in Boat Quay/Circular Road and the other along New Bridge Road.

The properties are being sold by Lee Brothers (Wee Kee), which is held by the family of the late Lee Wee Nam, a well-known Teochew businessman, community leader and and philanthropist who set up the Four Seas Bank, which was later sold to OCBC Bank. He was also a founding member of Boys' Town as well as the Singapore Chinese Chamber of Commerce and Industry.

JLL handled the sale through a tender exercise that closed on Feb 5. "We received a lot of bids - from boutique property funds, family offices, high net worth individuals both Singaporeans and foreigners, along with a variety of local companies," said Clemence Lee, associate director of capital markets at J…