Kimly to acquire coffeeshop property at Teck Whye for S$14m

CATALIST-LISTED Kimly announced on Tuesday that it plans to acquire a coffeeshop property in north-west Singapore for S$14 million.

Its wholly-owned subsidiary, Jin Wei Food Holdings, has acquired all the shares in Teck Whye 143 Food House for S$10,000 in cash. TW143 had, on Jan 3 this year, exercised an option to purchase the coffeeshop property at 143 Teck Whye Lane for S$14 million.The property has a 93-year leasehold title which commenced on July 1, 1992. With a strata floor area of 224 square metres, the coffeeshop has seven stalls, two kiosks and an outdoor refreshment area.

Its directors said:"The group plans to look for opportunities to acquire and operate more strategically-located coffeeshops in mature estates with established footfalls. This strategy will enable the group to mitigate uncertainty surrounding its private leases, which can be influenced by expectations from owners and market competition."

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