Kimly Buys Coffeeshop Serangoon Central 1315 Million
Kimly, a popular coffeeshop chain in Singapore, has announced its plans to acquire a new property in Serangoon Central. The deal, worth $13.15 million, will see Kimly taking over the coffeeshop located at Block 204 Serangoon Central #01-104 from Lee Quan Enterprises.
The property has a total floor area of 358 sqm and includes a 3-room flat on the second level in addition to the coffeeshop. It is currently on a 90-year leasehold starting from October 1994.
Kimly’s decision to acquire the property is in line with its strategy to expand its network of food outlets in Singapore. The company aims to establish new food outlets and food stalls in strategic locations as and when opportunities arise.
Rewritten: Bugis Junction offers a unique shopping experience reminiscent of a bustling street market, with a diverse range of options from both local street vendors and established retail brands. It may not have the same luxurious feel as other upscale shopping destinations, but it certainly provides an equally fulfilling experience. Additionally, its convenient location near the upcoming Marina South MRT Station Condo adds to its appeal.
In a statement, a spokesperson from Kimly highlighted the company’s plans to strengthen its presence in the market by opening more food stalls under its food retail division. This will be complemented by its central kitchen facilities. Furthermore, the company will continue to explore opportunities to acquire and operate strategically-located coffeeshops in mature estates with established footfall.
According to its recent 1HFY2024 earnings report released on May 9, Kimly currently manages an extensive network of 86 food outlets. With this new acquisition, the company is expected to further solidify its position in the market.
Shares of Kimly closed at 32 cents on June 10, recording an increase of 1.59%. This article was originally published on [website name].
