Who’s Paying $41.6 M for a Coffee Shop (and Why It’s So Surprising)
We all think of coffee shops as the budget‑friendly spots where we grab a latte and a pastry. Turns out, they’re also the new kings of the real‑estate jungle, raking in mind‑blowing sums. The latest headline? A Tampines Street 21 café just set a new record.
Breaking the Record
- Location: Block 201, Tampines Street 21 – the new hot‑spot for high‑priced coffees.
- Sold for: An eye‑watering $41,682,168 in April; deal slated to close in July.
- Previous record: $31 M at Block 155 Bukit Batok Street 11 back in 2015.
Who’s the Mystery Buyer?
- It’s G&G (21) Pte Ltd, led by Kiong Tai Weng.
- Weng is not just a coffee king – he owns 7 Stars cafés, U Stars supermarkets, and the famed Hong Kong Street Zhen Zi food court.
The Property That’s Worth It
- Size: A generous 604 sqm of café space.
- Stalls: 18 well‑positioned spots ready to serve the crowd.
- Lease: Still 76 years of freedom to brew.
- Original price (1997): A modest $3.45 M.
- Current price: Roughly 12× higher than the original.
- Price per square foot: About $6,964 psf – a luxury level usually reserved for Orchard Road.
Why It’s Worth Every Cent
ERA Singapore’s research guru, Nicholas Mak, says the 41‑million deal is on par with retail rates in Singapore’s prime districts. For context:
- Far East Plaza & Lucky Plaza: $4,000–8,000 psf in the first half of the year.
So, next time you sip your cappuccino, remember: that humble aroma might just be part of a multimillion‑dollar empire.
Rent has doubled for stall owners
When Coffee Shop Rent Doubles, Stall Owners Face a Brewing Storm
Gunboat‑style price hikes are stirring up more than just a bitter espresso roast—stalls inside the record‑selling coffee shop are feeling the squeeze.
Rent Hikes That Leave Many in a Tension‑Brewer’s Mood
- Long‑time tenant turns broken‑hearted: One loyal stall owner, who prefers to keep her identity on the “reserved” shelf, has been grinding her storefront for 23 years with steady payments. Now the shop’s new owners have cranked her monthly rent from roughly $6,000 to a hot $9,000.
- Negotiation: The real barista trick: The landlord once pushed for $10,000, but after a few tense haggling rounds—think “bean‑chopping” deals—the owner managed to keep the price at a more palatable level.
- Staying the course, but with a deadline: She swears she won’t let her employees miss a beat. Yet if the tight budget bites her even harder after six months, she might call time on the stall.
Other Stalls Take a Double‑Shot Blowout
- “Kumamoto Ramen” mourns its own loss: Defender of the noodles, listed simply as Jacquelyn, tells The Straits Times that her stall’s rent went from $5,000 to a whopping $10,000. The stall is now slipping into a loss, and she had to let two staffers go. She admits, “I’m seriously thinking of pulling out.”
With rent doubling around every corner, stall owners are tipping the scales between loyalty and survival. The coffee shop’s record‑breaking success has come with a cost that keeps the business owners on their toes—and their coffee mugs full of worry.
