Sceneca Square sells for S$64 million

Money launderer's Beach Road retail space sells for S$8.7 million, while Sceneca Square sells for S$64 million

A Singaporean real estate investment group called 8M Real Estate is purchasing the one-story mall in the east.

September 6, 2024

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The retail strata market in Singapore appears to be more active. Recent transactions include the S$8.7 million sale of a retail space at The 101 in Beach Road owned by convicted money launderer Su Haijin and the S$64 million sale of Sceneca Square mall, which is being constructed next to Tanah Merah MRT station.

8M Real Estate, a Singaporean real estate investment group, is purchasing the one-story Sceneca Square. Crane Capital, a division of the US pension fund Washington State Investment Board, is based in Hong Kong.

8M Real Estate was founded in 2014 and is one of Singapore's largest owners of conservation shophouses.

The gross floor area of Sceneca Square's retail space will be approximately 2,000 square meters, or 21,528 square feet. The open plaza area in front of the mall is part of the deal.

A joint venture comprising MCC Singapore, Ekovest Development (S), and Singapore Exchange-listed The Place Holdings is developing Sceneca Square as part of a mixed-use project.

The 268-unit Sceneca Residence, whose sales started in early 2023, is also part of the project, which is being constructed on a site with a 99-year leasehold tenure starting in February 2021.

During a state tender that ended in October 2020, the site where the project is being developed was purchased for almost S$249 million, or S$930 per square foot per plot ratio.

Metallurgical Corporation of China, a Fortune Global 500 company with listings in Shanghai and Hong Kong, includes MCC Singapore. MCC Singapore provides services for urban planning and design in addition to real estate development and construction.

Meanwhile, Aiqinhai Investment, which is fully owned by Su and in receivership, has sold the first-story retail space that was leased to Chef China at the intersection of Beach Road and Liang Seah Street. The strata area's price comes to S$5,657 per square foot. The leasehold tenure of the 101 is 999 years.

Four charges were filed by DBS against Aiqinhai Investment in 2021, according to a search on the Handshakes application. A receiver is designated to seize, sell, or otherwise dispose of assets in order to pay off a business's outstanding debt.

A Lim family-owned company that also operates a jewellery and pawn-brokerage business is purchasing the unit.

It is believed that Knight Frank handled the unit's sale through a tender.