Tampines coffee shop sold for record $41.68m

But some tenants may terminate agreements after rent hike with new operator in April

- Isabelle Liew

A coffee shop in Tampines changed hands for a record $41.68 million, and some tenants are thinking about terminating their agreements following a surge in rent.

A firm called G&G (21) lodged a caveat with the Singapore Land Authority in April for the coffee shop, 21 Street Eating House, at Block 201 Tampines Street 21.

The transaction is expected to be completed next month, local media outlet 8world reported on Wednesday.

The deal topped the previous reported record of $31 million for a coffee shop at Block 155 Bukit Batok Street 11 in 2015.

Based on Accounting and Corporate Regulatory Authority records, G&G director Kiong Tai Weng owns several other businesses, including the 7 Stars coffee shop chain and the U Stars supermarkets.

In 2014, he bought the Hong Kong Street Zhen Ji foodcourt at Block 151 Ang Mo Kio Avenue 5 for $7.4 million as the late founder was his mentor, The New Paper reported.

The 604 sq m Tampines coffee shop, which has 18 stalls, has 76 years left on its lease, according to a property title information search.