Jocelyn Hao of 8M Real Estate: For the next 10 years, we will focus primarily on placemaking (Photo: Samuel Isaac Chua/EdgeProp Singapore)
When Jocelyn Hao took over as CEO of 8M Real Estate in October 2025, she inherited a $1.5 billion portfolio of assets. Instead of diving into spreadsheets and boardroom presentations, she went on walks.
The first few months were spent touring the firm’s conservation shophouses across Singapore’s historic districts — Amoy Street, Ann Siang Road, Tanjong Pagar, Keong Saik Road and Boat Quay.
The row of three shophouses at 34, 36 and 38 Tanjong Pagar Road, which 8M acquired for $16.35 million in December 2019 (All pictures by Samuel Isaac Chua/EdgeProp Singapore)
The corner shophouse at 28 Duxton Hill was acquired for $15.75 million in November 2020
Walking the streets rather than driving allowed her to absorb the rhythms of each neighbourhood, understand its communities and uncover what had long underpinned 8M’s success.
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Only then did Hao turn to the numbers. “I think that has been a really rewarding experience because you can’t really lead an organisation unless you understand what makes it successful,” she says.
The exercise also gave Hao a clearer picture of why certain businesses thrived in particular locations, how neighbourhoods evolved over time, and where new opportunities might emerge.
The row of three shophouses at 8, 9 and 10 Craig Road were acquired for $29.28 million in December 2020
8M acquired the corner shophouse at 53 Craig Road for $10.65 million in November 2020
Co-founded in 2014 by former JLL executive Ashish Manchharam and Crane Capital managing partner and CEO Wai Tang, 8M built one of Singapore’s largest privately held portfolios of conservation shophouses.
Following Manchharam’s departure and sale of his stake in October 2023, the firm is wholly owned by Hong Kong-based Crane Capital and backed by the Washington State Investment Board.
8M’s initial purchase in 2014 was a row of five shophouses along Amoy Street, acquired for $50.5 million
8M acquired 28 Stanley Street for $29 million in April 2023
“The first 10 years were a growth phase, where the objective was to acquire shophouses that are well-located and have their own story and history,” she says. “At the same time, it was about curating the right tenants to occupy those shophouses.”
The firm has now reached an inflection point. “For the next 10 years, we will focus primarily on placemaking,” says Hao.
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Singapore has about 6,500 conserved shophouses across URA-designated conservation districts. But commercially zoned shophouses in the CBD are far rarer — numbering just about 600, estimates Hao. Of these, 8M owns 60.
The 15 shophouses along Tanjong Pagar Road were acquired in three separate block buys: The first five (15 to 23) for $57.4 million in March 2016, followed by six shophouses (33 to 43) for $80 million in March 2019, and the final four shophouses (25 to 31) for $72.88 million in December 2022
The shophouses at 70, 71 and 72 Boat Quay were acquired by 8M in May 2017 for $32.82 million
Those assets — concentrated in District 1 (CBD), District 2 (Tanjong Pagar/Chinatown) and District 8 (Jalan Besar/Little India) — make up 90% of 8M’s portfolio.
“I see myself as a steward, not only of the capital that was entrusted to us, but of the heritage shophouses that we own in Singapore, which are limited in number,” says Hao.
Crane Capital and the Washington State Investment Board take a long-term approach to investing. Without a fixed exit timeline, Hao says her focus is to deliver stable cash flow and sustainable returns.
The restored façade of the row of five shophouses at 111 Jalan Besar, which 8M acquired for $40 million in September 2022
111 Jalan Besar offers an early glimpse into what the next chapter looks like.
Almost four years after 8M acquired an island block of five shophouses at the corner of Jalan Besar and Veerasamy Road for $40 million in September 2022, the restored property will officially debut on June 20.
Rather than rushing into a refurbishment after the purchase, the team first studied the neighbourhood and its existing co-living offerings. They concluded that there was a gap in the market for sizeable one- and two-bedroom accommodation catering to longer stays.
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When URA introduced its SA2 pilot scheme, for long-stay serviced apartments with a minimum stay of three months, in December 2023, 8M halted its initial plans for 111 Jalan Besar.
8M worked closely with Zarch Collaboratives on the restoration of the façade and architectural features of the Art Deco shophouses built in 1926, while Hot Design Folks designed the interiors
“At that time, nobody else in the Jalan Besar community was doing SA2 serviced apartments,” says Hao. “So we paused our entire planning, redesigned the units and resubmitted our plans based on the SA2 scheme.”
The final outcome was 20 serviced apartments ranging from studios to two-bedroom units, with sizes from 35 sq m (377 sq ft) to 60 sq m (646 sq ft).
8M also worked closely with URA and the National Heritage Board on the restoration of the Art Deco shophouses built in 1926. Zarch Collaboratives handled the architectural restoration, while Hot Design Folks designed the interiors.
The interior of a 646 sq ft, two-bedroom serviced apartment at Cove at 111 Jalan Besar
Co-living operator Cove will manage the serviced apartments. “Three years in the making, 111 Jalan Besar has been a labour of love for everyone involved,” says Luca Bregoli, Cove’s co-founder and COO.
The project marks the third collaboration between Cove and 8M, following the serviced apartments at 5 Gemmill Lane and 31 Hong Kong Street.
The serviced apartments at 31 Hong Kong Street are also managed by Cove
Cove is also managing the serviced apartments at 8M’s 5 Gemmill Lane
Apart from 111 Jalan Besar, 8M also owns Wanderlust in Little India, which is managed by Ascott, CapitaLand’s lodging business, under The Unlimited Collection.
The other Singapore properties under The Unlimited Collection label that are also owned by 8M are KēSa House, spread across 10 conservation shophouses on Keong Saik Road, and Ann Siang House on Ann Siang Road.
“The beauty of investing in shophouses is that it’s a limited asset type, and flexible in terms of its mix of uses,” says Hao. “That’s where the strong demand comes from, and also the opportunity to create different offerings, while being sensitive to the needs of the communities we’re part of.”
Wanderlust at 2 Dickson Road in Little India is managed by Ascott under The Unlimited Collection
Ann Siang House on Ann Siang Road is also managed by Ascott under The Unlimited Collection
That flexibility is evident at 111 Jalan Besar. Beyond the serviced apartments on the upper floors, the street level has been conceived as a wellness and lifestyle destination, with tenants including traditional Chinese medicine practice Soon An Wellness, physiotherapy clinic Elevate and pilates studio The Flow Playground. The remaining corner unit has been designated for a grab-and-go concept.
For Hao, it is placemaking in action.
The wellness-lifestyle podium is intended not just for residents of 111 Jalan Besar, but for the wider neighbourhood. “You need to think about who will be living here in the future, and what they will need,” she says.
Hao points to the nearby 960 Build-To-Order flats at River Peaks I and II, which are expected to bring more residents to the district when completed in 2028.
URA has also launched a site nearby on the corner of Chitty Road and Veerasamy Road. The site comprises a row of conserved houses and could be developed into 36 long-stay serviced apartments or 18 strata landed houses. The tender closes on July 28.
Rejuvenation is already underway in Jalan Besar and Little India, driven by both government initiatives and the organic growth of independent cafes, bars, restaurants and alternative accommodation concepts.
“There is increasing interest from younger people who want to stay in the district and explore the neighbourhood,” she says. “If they work in the CBD or other parts of Singapore, it’s also very convenient, given its proximity to Jalan Besar MRT Station.”
8M bought the commercial podium of Martin No. 38 for $31.68 million in 2019
8M acquired 48 Lorong Mambong for $8.3 million in January 2019
Hao’s career has spanned retail leasing, hospitality and consumer brands, including roles at CBRE, Lendlease, Cushman & Wakefield and Starbucks Asia Pacific, where she spent seven years overseeing licensing across the region.
“I was very fortunate that in my prior roles, I got to travel to different cities — from emerging markets to developed markets like Japan and Korea,” she says. “You can see what works, what doesn’t and what concepts resonate with consumers.”
Hao, who is of Taiwanese heritage, became a Singapore citizen in 2022.
8M acquired the shophouse at 263 Holland Avenue for $12.7 million in March 2023
She believes the key to successful placemaking is to assimilate with the local community, rather than eroding the very characteristics that give it its unique identity.
“Even though Singapore is a small nation, different districts have their own flavours and characteristics,” she says. “People who live in the east have their own identity, and likewise for those in the west. We really need to be humble enough to respect the local culture.”
That philosophy is now extending beyond heritage districts. The clearest example is Sceneca Square in Tanah Merah.
The newly completed Sceneca Square, which 8M acquired for $64 million in September 2024, is targeted to open later this year
In September 2024, 8M made its first suburban acquisition with the purchase of Sceneca Square for $64 million, or $3,109 psf based on its net lettable area of 20,587 sq ft.
It is the retail podium of the 268-unit Sceneca Residences, which launched in January 2023 and was fully sold by November 2025. Both Sceneca Residences and Sceneca Square obtained temporary occupation permit in 2Q2026, with the retail podium linked to the Tanah Merah MRT Interchange Station at street level.
The retail space is about 70% pre-leased, with the anchor tenant FairPrice Finest occupying about half of the space. Other tenants include Chinese milk tea chain Chagee, homegrown café chain Ya Kun Kaya Toast, a beauty spa and a nail studio.
Sceneca Square is already 70% pre-leased with anchor tenant FairPrice Finest supermarket, Chinese milk tea chain Chagee, homegrown café chain Ya Kun Kaya Toast, a beauty spa and a nail studio
The remaining 30% of the space will be leased to smaller tenants. Hao believes the unit fronting the public square would be ideal for a café concept. “We’re currently working with a few café operators,” she says.
For her, the neighbourhood mall is another opportunity to foster community. Beyond its mix of tenants, the public square fronting the mall will feature landscaping, pet-friendly amenities, children’s play areas and communal spaces designed to encourage residents to gather for events.
8M also sees opportunities to partner with developers on future projects with retail components. “We’re interested in government land sale sites that have a retail component,” says Hao. “Ideally, we would partner with developers from the beginning so that we can shape the design and planning to operate effectively.”
The shophouse at 87 Amoy Street where Spanish restaurant Kulto first opened in 2021 by AC Concepts
Hao also sees suburban expansion as a way of growing alongside tenants that 8M regards as long-term partners.
For instance, Spanish restaurant Kulto at 87 Amoy Street and Il Toro Woodfire Grill at 18 Gemmill Lane are among 8M’s longest-standing tenants. Both are part of AC Concepts, which has since expanded beyond restaurants into wellness through The Ice Bath Club.
“Our partners are evolving, and we also need to evolve alongside them,” says Hao.
Il Toro Woodfire Grill, which is part of AC Concepts, opened at 18 Gemmill Lane in November 2025
When considering locations, Hao believes it is important to understand the needs of 8M’s long-term partners as well as the people they serve.
“We have to think about our customers, and our customers’ customers too,” she says. “It’s only when our spaces resonate with the people who use them that we can consider ourselves successful stewards of these shophouses and the shared histories they represent.”
For Hao, placemaking begins not with buildings, but with the people who bring them to life.