An honorable member of the Coffee Shop Has Just Posted the Following:
The owners are retiring, and are seeking a reserve price of
S$15 million for the 11,248 square foot space at Jurong Gateway Road.
Screengrab of Boon Lay Raja website
SINGAPORE:
The Boon Lay Raja Restaurant, a popular Chinese dining establishment that has been operating for more than 20 years, will close next year if a buyer for its Jurong premises is found.
Marketing agency Savills Singapore, which is managing the sale of the 11,248 square foot space at Jurong Gateway Road, said the vendors "would have preferred to continue operating if not for their impending retirement".
"This is a rare opportunity for restaurateurs facing escalating rentals to operate on their own premise, and establish or consolidate their presence in this highly sought-after location," Savills said in a media statement on Wednesday (Oct 8).
Boon Lay Raja Restaurant is located about 200 metres from Jurong East MRT station and bus interchange, and is near the Jurong Regional Library and JCube shopping mall.
Savills said the vendors are looking at a reserve price of S$15 million, or S$1,334 per square foot, for the restaurant space, which has a remaining lease of 69 years. The tender closes on Nov 6 at 3pm.
- CNA/xy
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08-10-2014, 07:30 PM
Boon Lay Raja Restaurant to Close To Capitalize on Rent Seeking Model
