http://www.straitstimes.com/archive/...e-33m-20130704

Freehold Coronation Rd shop for sale 'at $33m'

Published on Jul 04, 2013


A PRIME freehold corner shop at Coronation Road was put up for sale by private treaty yesterday.

The Straits Times understands that the asking price for the shop, which is zoned for commercial and residential use, is about $33 million.

This works out to about $4,755 per sq ft (psf) for the shop, which has a strata area of around 6,490 sq ft.

The shop currently has three tenants, all in the food and beverage industry, with the total tenancy worth $950,000 per year.

Two of the leases expire in July next year and the third in October 2015.

The shop is owned by a prominent investor, said industry sources.

It is located at one end of Coronation Shopping Plaza and is a few streets away from the future Tan Kah Kee MRT station on the Downtown Line.

A Housing Board coffee shop in Hougang Avenue 4 was reportedly sold for a staggering record price of almost $23.9 million recently.

This translates to about $5,935 psf for the 4,025 sq ft coffee shop called Coffee Express 2000, which has 17 stalls.

The buyer was Broadway Group, which owns a chain of eating houses, according to Chinese evening daily Lianhe Wanbao, which said that the previous record for an HDB coffee shop was $15 million.

MELISSA TAN