Kimly acquires Serangoon Central coffee shop for $13.15m

The coffee shop spans a total of 358.0 sqm strata area.

Coffee shop operator Kimly acquired a coffee shop at Block 204 Serangoon Central #01-104 from Lee Quan Enterprises for $13.15m.

The coffee shop has a strata floor area of 358.0 sqm with a 90-year leasehold starting from 1 October 1994. It is in a 2-storey HDB shophouse unit comprising a coffee shop on level 1 and a 3-room HDB flat on level 2.

The property has a book value of $14.04m, including a $0.89m stamp duty. The company will fund the purchase through internal resources and pay it in cash.

The acquisition is part of Kimly’s strategy to expand its food outlet network in Singapore and establish new locations as suitable opportunities arise.