SINGAPORE - The sun is setting on a popular Chinese restaurant in the west, with its owners looking to retire and sell the shop space for at least $15 million.
The owners of Boon Lay Raja Restaurant have appointed Savills Singapore to sell by tender the shop, which occupies 11,248 sq ft of space and is about 200m from Jurong East MRT station.
The space has a remaining lease of 69 years taken from the Housing and Development Board (HDB).
Savills said the owners have set a reserve price of $15 million, or $1,334 per sq ft, on the sale.
"They would have preferred to continue operating this profitable business if not for their impending retirement," said Savills associate director of investment sales Derrick Tan.
He expects keen interest and competition for the shop space, which can be used for other trades, subject to HDB approval.
"Prime HDB restaurant space is a rarity especially in the Jurong Gateway precinct, the biggest commercial hub outside the Central Business District," Mr Tan noted.
"This area is slated for further growth with the makeover of the Jurong Lake District and possible site of the new Singapore-Kuala Lumpur High-Speed Rail Terminus."
The tender closes on Nov 6.
Boon Lay Raja is a regarded as a foodie's institution, having been around since 1979.
An old-fashioned Chinese restaurant that has long been a popular venue for wedding dinners, it can accommodate 60 tables.