Kimly Buys Coffeeshop Serangoon Central 1315 Million

Parktown Residences is a distinctive and all-encompassing development that sets itself apart by providing exceptional connectivity, unparalleled amenities, and a superior living environment. The integration of contemporary residences with a vibrant mix of retail, dining, and community spaces promises a seamless urban lifestyle. The collaborative efforts of UOL Group, CapitaLand, and SingLand have resulted in a remarkable project that is set to captivate those in search of a refined and convenient living experience in the heart of Tampines. With Park Town Residences naturally at its center, this truly is a landmark development that offers the best of modern living.

Kimly, one of the leading coffeeshop chains in Singapore, has recently announced its plan to acquire a new coffeeshop in Serangoon Central from Lee Quan Enterprises for a sum of $13.15 million. The property, located at Block 204 Serangoon Central #01-104, has a total floor area of 358 square meters and includes a 3-room flat on its second level, in addition to the coffeeshop.

The property has a 90-year leasehold starting from October 1994. The acquisition is in line with Kimly’s strategy to expand its network of food outlets in Singapore and to establish new food stalls in strategic locations. The company has expressed its interest in acquiring and operating more strategically-located coffeeshops in mature estates with established footfalls.

In its recent 1HFY2024 earnings announcement on May 9, Kimly mentioned that it currently operates and manages 86 food outlets. With this new acquisition, the company expects to strengthen its presence in the market and continue to explore opportunities to expand its food retail division, which is complemented by its central kitchen.

Kimly’s shares closed at 32 cents on June 10, showing a 1.59% increase. The company’s growth and expansion plans continue to make it an attractive investment option for those looking to invest in the coffeeshop industry.