It’s no surprise that prices for residential properties are sky-high as of late.
Turns out, even heartland kopitiams aren’t spared from these inflated prices, as coffeeshops in Yishun and Tampines had recently changed hands for more than S$40 million.
Yet another kopitiam, this time in Serangoon, is rumoured to have been sold for S$40.5 million.
Source: Shin Min Daily News on Facebook
Located a stone’s throw away from Serangoon Interchange, the eatery is unique in that there’s a KFC outlet on its premises.
8world News reported that the buyer had tabled S$40.5 million for Wan Jin Coffeeshop at 261 Serangoon Central Drive.
The report cited a caveat filed in September. However, the Chinese news site said that the transaction has yet to be completed.
If the transaction goes ahead, the Serangoon kopitiam would be the third of its kind to change hands for over S$40 million.
The kopitiam in question reportedly measures 390 sq m or 4,198 sq ft. This works out to about S$9,647 per sq ft (psf).
This is also reportedly the highest average transaction price per square foot among recently sold kopitiams.
Besides the S$40.5 million price tag, documents also showed that the prospective buyer was a company called “AMK Food Court” — the parent company of Broadway Food Centre, which has 25 outlets located in Singapore.
Information available via the Singapore Land Authority’s (SLA) website also states that the kopitiam in question has about 65 years left on its lease.
MS News has reached out to SLA and will update the article when they reply.
Given its convenient location near Serangoon Interchange, accessibility is likely a key factor that contributed to the kopitiam’s staggering price tag.
Additionally, the kopitiam houses 13 stalls, including a tiny KFC kiosk.
Source: Foursquare
Diners whom 8world News spoke to shared that business at the coffeeshop is usually brisk.
Meanwhile, one customer who often frequents the kopitiam even claimed that she had to queue on most of her visits.
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Featured image adapted from Shin Min Daily News on Facebook and Google Maps.
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