Tampines St 21 coffee shop sold for record S$41.68m: 8world report

Sharon See
Published Wed, Jun 15, 2022 · 07:58 PM

A coffee shop in Tampines has sold for a record S$41.68 million, according to a report by 8world on Wednesday (Jun 15).

The buyer reportedly lodged a caveat with the Singapore Land Authority (SLA) in April for the coffee shop at Block 201 Tampines Street 21, and the transaction is expected to be completed by July, 8world said.

This smashes the previous record set in 2015, when a coffee shop at Block 155 Bukit Batok Street 11 made headlines after changing hands for S$31 million.

The Tampines coffee shop is said to have 76 years left on its lease, according to SLA.

At 604 square metres, it has 18 stalls and is said to be the largest in the area.

This brings the price per square foot (psf) of the coffee shop to S$6,964 psf, which is on par with the S$4,000-S$8,000 range seen for commercial units in Orchard Road’s Far East Plaza and Lucky Plaza, 8world said, citing data from ERA Singapore and the Urban Redevelopment Authority.

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However, tenants told 8world that many of them have decided to terminate their rental agreement by the end of the month due to a rate hike after a new operator took over about 2 months ago.

One tenant who had been at the coffee shop for 23 years said she used to pay about S$6,000 per month but is now paying about S$9,000 after a lengthy negotiation that brought the final rate down from S$10,000.

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