Jasmine Ng
The Business Times
Thursday, Aug 22, 2013
A COFFEESHOP on Tampines Street 91 has been put up for sale, and is expected to fetch between $10 million and $12 million.
According to marketing agent Jones Lang LaSalle (JLL), the coffeeshop - at the corner of Block 915 - has 4,058 square feet of space on the ground floor and 786 sq ft on the second level.
The property is owned by a family and is tenanted till 2015. It has received approval for an additional outdoor refreshment area of 969 sq ft.
"There is a limited number of coffeeshops being transacted, partly due to the relatively low supply of such properties," Karamjit Singh, JLL's head of investments and residential, said.
There are 714 eating houses in HDB estates, of which 429 are sold and 285 are rented from the Housing Development Board.
Mr Karamjit added that the entry-level food and beverage business is "effectively recession-proof" as most working people rely on coffeeshops, hawker centres and food courts for meals.
Last month, a similar-sized coffeeshop in Hougang was reportedly sold for $23.9 million, or $5,930 per square foot - a record price for a HDB coffeeshop.
"Although this property has living quarters attached to it, HDB's prevailing policy is that properties of such nature are sold or tenanted out as a commercial property under a single title," Mr Karamjit said.
Foreigners and companies are allowed to buy the property.
The public tender will close on Sept 26 at 2.30 pm.
PrintA COFFEESHOP on Tampines Street 91 has been put up for sale, and is expected to fetch between $10 million and $12 million.
According to marketing agent Jones Lang LaSalle (JLL), the coffeeshop - at the corner of Block 915 - has 4,058 square feet of space on the ground floor and 786 sq ft on the second level.
The property is owned by a family and is tenanted till 2015. It has received approval for an additional outdoor refreshment area of 969 sq ft.
"There is a limited number of coffeeshops being transacted, partly due to the relatively low supply of such properties," Karamjit Singh, JLL's head of investments and residential, said.
There are 714 eating houses in HDB estates, of which 429 are sold and 285 are rented from the Housing Development Board.
Mr Karamjit added that the entry-level food and beverage business is "effectively recession-proof" as most working people rely on coffeeshops, hawker centres and food courts for meals.
Last month, a similar-sized coffeeshop in Hougang was reportedly sold for $23.9 million, or $5,930 per square foot - a record price for a HDB coffeeshop.
"Although this property has living quarters attached to it, HDB's prevailing policy is that properties of such nature are sold or tenanted out as a commercial property under a single title," Mr Karamjit said.
Foreigners and companies are allowed to buy the property.
The public tender will close on Sept 26 at 2.30 pm.
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