SINGAPORE: When a kopitiam at Yishun was sold for S$40 million last year, the high price of the sale made the news. Now, it appears that a coffee shop in Serangoon Central Drive will go for an even higher price of S$40.5 Million once the transaction has been completed.
Nevertheless, this isn’t even the highest price a coffee shop in Singapore has ever fetched, as one in Tampines sold for an eye-watering record S$41.6 million in July 2022. And now, it appears that Wan Jin Coffeeshop at 261 Serangoon Central Drive will join the list of kopitiams sold for S$40 million and above, Shin Min News Daily reported on Thursday (Dec 7).
The Chinese-language daily said that the coffee shop has an area of 390 square meters or approximately 4,198 square feet. This means the coffee shop went for nearly S$10,00 per sq ft.
Therefore, since the Tampines coffee shop sold for S$6,964 per sq ft, and the Yishun kopitiam went for S$9,361 per sq ft, the sale of the coffee shop in Serangoon Central Drive, at S$9,647 per sq ft, will be the biggest in Singapore’s history so far once the transaction is completed. But whether it will be the largest depends on whether the country’s property market will cool next year.
Shin Min News Daily said a caveat for the coffee shop, which has a remaining lease of 65 years, had been filed in September. The reported buyer was identified as “AMK Food Court,” which owns Broadway Food Centre.
Wan Jin Coffee Shop has 13 stalls, including Fried Rice King and Yishun 925 Chicken Rice. It’s also had a KFC on its premises for years, a popular choice among locals. The kopitiam reportedly enjoys brisk business regularly, with customers not minding long queues for their orders.
Hopefully, the high sale price will not mean bad news for food stall holders. When the coffee shop at Tampines was sold, hawkers said stall rental prices rose to S$10,000. In September last year, it was reported that several stalls had moved out of the kopitiam in Yishun following the establishment’s S$40 million sale in July. /TISG