Lavender has gone through an urban renaissance in recent times, with popular cafes and swanky hotels popping up.
While it has remained largely untouched by big corporations, that is set to change with Hafary’s purchase of 11 shophouses at 161 Lavender Street.
Source: @dancinginthe_dark on Instagram
The building material supplier has exercised the option to purchase the property for a whopping S$71.28 million, according to The Straits Times (ST).
With this news, popular cafes such as Apartment Coffee and Glacier will have to look for new homes when the takeover is complete.
According to ST, Hafary Holdings has already placed a deposit of S$3.6 million for the purchase of the property.
They will now seek to gain approval from shareholders before closing the deal.
In the event that they fail to reach a consensus, the group would have to forfeit the deposit.
With the deposit now in place, Hafary will have four months to pay the remaining value to successfully purchase the Lavender shophouses.
Once the transaction goes through, the company will take over the building as well as its four-storey rear extension.
Additionally, they will inherit 10 covered car parking spaces as well as triple frontage to Lavender Street, Foch Road, and Tyrwhitt Road.
Apartment Coffee, one of the cafés that will be displaced by the announcement, shared an update on its Instagram (IG) page on Tuesday (12 Jul).
In an IG story, they revealed that they only learnt about the sale of the shophouses when news broke on ST.
Source: @apartmentcoffee on Instagram
Taking it in their stride, however, they announced that they are now looking for new locations to call home after four years.
Source: @apartmentcoffee on Instagram
The café has yet to unveil when their last day of operations at Lavender will be.
When certain areas in Singapore get popular, it’s almost inevitable that they will attract the attention of large corporations for one reason or another.
It’s just unlucky that in this case, the casualties are some of the area’s most well-loved establishments.
We hope that all parties will find better fortunes in their next chapter.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Google Maps.
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