There is a new record set for the transacted price of a coffee shop in Singapore.
A new record has been set for the transacted price of a coffee shop in Singapore.
The Yong Xing Coffee Shop in Block 155, Bukit Batok Street 11 was sold for a staggering $31 million, making it the most expensive coffee shop to be sold in an HDB estate.
The previous record was held by Coffee Express 2000, a nondescript coffee shop in Block 682, Hougang Avenue 4, that was sold for $23.88 million in 2013.
Chinese evening daily Lianhe Wanbao reported that the Bukit Batok transaction was finalised last month.
The 4,521 sq ft coffee shop, which is about the size of three executive HDB flats, was sold to a new company, EH 155.
Yong Xing’s previous owner had reportedly bought the place for about $3.38 million nearly 20 years ago.
According to the newspaper, the selling price is also significant as it indicates the sum of the block number and the new company’s name, 155+155, with a few more zeros thrown in.
And in Cantonese 3,100 – the same figure without four of those zeros -sounds like “business (comes) continuously”.
One of the reasons the coffee shop could have been so attractive, property experts told Wanbao, is that there is no hawker centre in the area.
Some tenants said the rent has been doubled since the handover, to $6,500 a month.
Some of the stallholders have increased the price of their food, while some have been staying open for an extra two hours each day.
Source from AsiaOne Business