Hougang coffee shop sold for record $23.8m
Monday, Jul 01, 2013
SINGAPORE – A coffee shop in Hougang has been sold at a record price of $23,888,888, Lianhe Wanbao reported on Sunday. This is the highest ever paid for a Housing Board coffee shop. The previous record was $15 million.
The buyer of the Coffee Express 2000 coffee shop at Hougang Avenue 4 is Broadway Group, which owns a chain of eating establishments known as Broadway Food Centre in various parts of Singapore. While a caveat for the 17-stall coffee shop was filed in March, the transaction will be completed only in September.
Lianhe Wanbao said in its report that this was not the first time Broadway Group had forked out a big sum of money for a food establishment. In 2012, the 16-year-old group purchased the basement food court and shop spaces in Sim Lim Square for $38.8 million.
Too much for a coffee shop
Tuesday, Jul 09, 2013
Cheryl Faith Wee
Lim Yi Han
The Sunday Times
Other coffee shops have been sold for seemingly astronomical sums before.
Two years ago, six coffee shops were sold for close to $60 million. The most expensive of the six was in Block 155 Bukit Batok Street 11, with 13 stalls, which reportedly was sold for $14.5 million to trading company Lubritrade.
In 2007, foodcourt operator Koufu bought a 4,700 sq ft coffee shop (Xi Duo Fu – Happy Hawkers) in Jurong East Street 13, with 13 stalls, for $12 million.
And nearly a decade ago, coffee shop chain S11 F&B Holdings bought an 8,000 sq ft coffee shop in Ang Mo Kio Central, with 16 stalls, for $17.8 million.