East Coast Road coffee shop up for sale for $22.8 million

Another freehold coffee shop in Singapore is up for sale for millions. This time around, it's in the east.

The non-conservation freehold property at 936 East Coast Road is up for sale via an expression of interest (EOI) exercise, with a guide price of $22.8 million, the property's sole marketing agent Savills said in a press release on Oct 10. 

This means that the 5,277 sq ft coffee shop potentially has a selling price of around $4,320 per sq ft.

The EOI exercise closes on Nov 22 at 3pm.

The property is approved for permanent food and beverage (F&B) use on its ground floor while its upper floors are used as residential quarters.

Currently, the ground floor is occupied by Siglap 936 Food House, which has 12 food stalls, including include Thow Yen Seafood, Huang Kee Seafish Soup and Auntie Rojak, and one drink stall.

Savills also mentioned that the coffee shop has a large alfresco seating area which can accommodate up to 45 tables.

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Given that 936 East Coast Road property is zoned for both residential and commercial use, it has "strong redevelopment potential", said Savills. Buyers can look into redeveloping the property into a boutique residential project with retail or F&B units on the ground floor, it added. 

According to Savills associate director of investment sales and capital markets Sophia Lim, the incoming buyer can enjoy the flexibility of holding the District 15 property for rental revenue or choosing to land bank for future redevelopment in the longer term.

Seeing coffeeshops change hands for eight-figure sums isn't particularly new.

In the last couple of months alone, there's the $40 million coffeeshop in Yishun and the $41.6 million coffeeshop in Tampines.

amierul@asiaone.com