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SINGAPORE: A coffeeshop in Yishun has changed hands for US$40mil (RM176mil), with a price per sq ft surpassing that of some ground level retail units in the prime Orchard Road shopping belt.
A firm called Y848 lodged a caveat with the Singapore Land Authority on May 10 for the 24-hour KPT Kopitiam located in Block 848 Yishun Street 81.
This is the second coffeeshop to be sold around this price, after news earlier this week that a coffeeshop in Tampines was bought over for a record US$41.68mil (RM183mil).
However, the 397 sq m Yishun coffeeshop, which has 14 stalls, is smaller than the 604 sq m Tampines coffeeshop, which has 18 stalls. This means its per square feet (psf) price works out to be US$9,361 (RM41,207), compared to US$6,411 (RM28,221) for the Tampines coffeeshop.
The Yishun coffeeshop’s psf price eclipses the average of US$6,964 (RM30,655) per sq ft for ground level retail units in Far East Plaza and Lucky Plaza in Orchard Road sold this year, according to data from ERA Research and the Urban Redevelopment Authority (URA).
It has 78 years left on its lease, two years more than the Tampines coffeeshop, which is located at Block 201 Tampines Street 21.
Local media outlet 8world reported that the transactions for both coffeeshops have yet to be completed. A caveat lodged with URA secures a property for the buyer.
According to the Singapore Business Directory, Y848 is registered at Chang Cheng HQ in Woodlands. Chang Cheng Group owns more than 160 food outlets in Singapore, with brands such as the Chang Cheng Mee Wah coffee shop chain, Chang Cheng Chinese Vegetables Rice and Rong Kee Roasted Delights.
Nicholas Mak, ERA Singapore’s head of research and consultancy, told The Straits Times that he believes the two big-ticket sales come as a result of the broad easing of Covid-19 measures that investors wager will bring diners back to coffeeshops in droves.
“The lifting of Covid-19 restrictions signals to the investors that things are going back to normal and diners are coming back, so it gives them some confidence to enter the market,” said Mak.
“We could still see some more of such transactions this year, but rising interest rates might dampen such aggressive bids. As interest rates increase, the cost of financing these investments will increase.”
Stallholders at KPT Kopitiam said on Friday that they had been informed of the sale, and that the management would change in September. A woman who works at the beverage stall and wished to be known only as Madam Mok, 50, said workers were unsure if rents would increase.
“We’ve been serving customers here for over ten years. We don’t know what will take place when they pass over to the new management, but we will keep working until then and see what happens,” she added. — The Straits Times/ANN