Coffee Shop Sold For Almost 10 Times The Original Price
Yong Xing Coffee Shop in Bukit Batok was sold for a record $31 million, reported local media.
Guess how much it was bought for 20 years ago?
$3.38 million. I’m almost sure I can hear the seller’s laughter behind his new fortress made out of dollar bills.
The seller is believed to own another large coffee shop in Jurong West Street 91.
The previous record for most expensive coffee shop was set in 2013, for a coffee shop in Houngang Avenue 4. It was sold for $23.8 million.
Property prices go Boomz
No surprises there, when you consider the fact that Singapore has one of the most expensive property prices in the world.
Last year, a gold class bungalow measuring 3,130 sq m on 27 Ridout Road was sold for $35 million.
Even so, we wonder how Yong Xing Coffee Shop can fetch such a massive price. Maybe there’s a private room where the uncles still hang out and karaoke at.
But then again, Yong Xing Coffee Shop is not just any ordinary kopitiam. The record-breaking coffeeshop was so expensive because of its price and location. It is surrounded by housing blocks and shops.
West Mall Shopping Centre is a 15 minute walk away.
Yong Xing boasts of 19 stalls, most of which see a lot of regulars.
Who bears the cost of $31 million?
It might not all be a happy ending after all. Tenants told local media that rent has already gone up by at least 10 percent. While they hope not the have to raise prices for customers, the situation looks inevitable.
Looks like it’s the patrons who will be indirectly paying for the $31million the next time they order Chicken Rice at the coffee shop.
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