Why pay $12 million for quiet coffee shop?

Why pay $12 million for quiet coffee shop?

You will still see the same old faces here every day, jokes the regulars at a quiet coffee shop in Tampines.

The place was put up for sale late last month, with an asking price of $10 to 12 million.

This tender exercise comes just months after a coffee shop in Hougang was reportedly sold for a record price of $23.8 million.

But patrons and stall owners are puzzled by the asking price of this particular Tampines coffee shop, DE 131.

It is on the ground floor of Block 915, Tampines Street 91, and next to a salon and education centre. It is also a short walking distance from a few schools.

Despite its proximity to schools and residences, patrons say business at coffee shops in the vicinity is usually poor.

A coffee shop a few blocks away recently closed down, residents said.

When The New Paper visited the coffee shop twice last week on weekdays during lunch and dinner hours, it was only about half-full.

Mr Lim Kiam Hua, 61, spends three days a week at this coffee shop.

The unemployed man said he frequents the place only because it is the one nearest to his house.

"Honestly, most of the food here is not very nice. The Indian food was the best, but they closed down a while ago.

"One egg here is 10 cents more expensive than other places. I eat four each time, so it comes up to a lot. But I have no choice," he said, pointing to his walking stick.

Stalls come and go

Mr Eric Chan, 67, who has been a customer for decades, said the stall owners usually don't stay long.

"The food at the other coffee shops nearby are better, but sometimes the weather is too hot to walk over.

"This coffee shop only serves one kind of beer and there is only one beer lady," the retiree added with a laugh.

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