Kimly Group to purchase Serangoon kopitiam for S$13.2M
Choh Dee (S204) Food House, wholly owned by coffee shop operator Kimly Limited, has exercised the option to purchase a coffee shop property in Serangoon.
The two-storey HDB shophouse unit, located a stone’s throw away from NEX shopping centre, was previously owned by Lee Quan Enterprises Private Limited.
In a statement on Monday (10 June), Kimly said it plans on buying the property for S$13.15 million through cash.
Two-storey property comprises coffee shop & HDB flat
Located at Block 204 Serangoon Central, the property includes a coffee shop on the first level and a three-room HDB flat on the second.
It boasts a strata floor area of 358 square metres and has 60 years left on its lease.
The property’s book value is S$14.04 million, which includes S$0.89 million in stamp duty.
Kimly also stated that the property has a market value of S$13.7 million, based on a valuation report commissioned by the company.
The company explained that the proposed acquisition aligns with Kimly Group’s plans to expand its network of eateries across the island.
Moreover, it achieves the Group’s goal of establishing new food outlets and stalls whenever strategic locations are available.
Acquisition will likely be completed in Dec 2024
The proposed acquisition is subject to the property being sold with a condition of tenancy ending on 31 Aug 2025.
Additionally, it would require written approval from HDB and relevant authorities.
The acquisition’s completion will likely occur about 10 Dec 2024, or four weeks after HDB grants the unconditional approval, whichever comes later.
Also read: Yishun kopitiam on sale for S$11M, has 60 years left on lease
Yishun kopitiam on sale for S$11M, has 60 years left on lease
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