Kimly Buys Coffeeshop Serangoon Central 1315 Million
Singapore’s popular coffeeshop chain operator, Kimly, has announced its acquisition of a coffeeshop located at Serangoon Central from Lee Quan Enterprises at a price of $13.15 million.
The purchase, which includes a 3-room flat on the second level, will expand Kimly’s network of food outlets in Singapore and allow for the establishment of new food stalls at strategic locations. The property, with a total floor area of 358 sqm, is on a 90-year leasehold starting from October 1994.
According to Kimly, this move is in line with its growth strategy and aim to strengthen its presence in the market. The company will also continue to explore opportunities to acquire and operate more strategically-located coffeeshops in mature estates with established footfall.
In its most recent 1HFY2024 earnings announcement on May 9, Kimly reported managing and operating 86 food outlets. The company’s shares closed at 32 cents as of June 10, with an increase of 1.59%.
This article first appeared on The Business Times.
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