Kimly unit acquires coffee shop at Yishun Ring road

The purchase consideration stood at $11m.

Kimly Limited’s wholly-owned subsidiary, Choh Dee Food House, has purchased the coffee shop property at 110 Yishun Ring Road #01-401 for $11m.

The book value of the coffee shop property is $11.76m and has a stamp duty of $760,000.

The company said the acquisition aligns with the group's strategy to expand its network of food outlets in Singapore and establish new food outlets and food stalls at suitable locations.

A total deposit of $1.1m, representing 10% of the purchase consideration, was paid upon the exercise of the option, of which $110,000 has been paid to the vendors.

The remaining $990,000 was paid to the vendor’s solicitors to be held by the vendor's solicitor as a stakeholder pending completion of the proposed acquisition.

The remaining 90% of the purchase consideration is payable to the vendor on completion.