8M Real Estate said to be buying about 50 shophouses for around S$500 million
Detailed summary
The portfolio is being sold by entities linked to veteran property investor Tony Chen
The portfolio is being sold by entities linked to veteran property investor Tony Chen
[SINGAPORE] In one of the biggest portfolio conservation shophouse transactions in Singapore, 8M Real Estate is understood to have inked a deal to buy about 50 shophouses for around S$500 million.
The shophouses are in locations such as Duxton Road, Duxton Hill, Tras Street, Craig Road and Neil Road – all within the Tanjong Pagar Conservation Area.
Most of the properties are on land with 61 or 62 years remaining of the original 99-year leasehold tenure. Those on Tras Street have balance land leases of about 67 years.
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