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Boon Lay Raja Restaurant to Close To Capitalize on Rent Seeking Model

makapaaa

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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.

boon-lay-raja-website.png
Screengrab of Boon Lay Raja website







<!-- /tab-gallery-area --> 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
 

xebay11

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Loyal
Smart move, $15 m is equal to collecting $18 k rent per month for 69 years, right now. Their restaurant cannot compete with the newer mall offerings and is probably declining.
 

laksaboy

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Nothing special about this restaurant....above average only.
Signature dish seafood taufoo was good

I went there a few times for wedding dinners.

I miss these retro Chinese restaurants... will be sad to see it go. I don't care about Crystal Jade and the other upmarket crap.

These old-fashioned restaurants are a dying breed in Sinkieland, you'll have to go to Malaysia to find them.
 

rushifa666

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I went there a few times for wedding dinners.

I miss these retro Chinese restaurants... will be sad to see it go. I don't care about Crystal Jade and the other upmarket crap.

These old-fashioned restaurants are a dying breed in Sinkieland, you'll have to go to Malaysia to find them.

Even so, surely 15million is bs? Why didn't he ask Master to use one month pay and by it off them?
 

johnny333

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....I miss these retro Chinese restaurants... will be sad to see it go. I don't care about Crystal Jade and the other upmarket crap....


When I was young & living at Potong Pasir I would often tau pau from Sin Leong Restaurant because they were nearby & convenient. I would usually order the Siamese Chicken or Sweet Sour Pork.

Didn't know that they were suppose to be famous for their other dishes. Today I look back with regret that I did not try their other items from their menu:(
 

laksaboy

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Another one to keep on the watch list is Yan Palace at Hong Lim Complex. I consider it to the the 'twin' of Boon Lay Raja.

4046057462_821a2ae7d8_o.jpg


Back in the heyday both restaurants have lots of ads on Chinese radio and tv.
 

Reddog

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Smart move, $15 m is equal to collecting $18 k rent per month for 69 years, right now. Their restaurant cannot compete with the newer mall offerings and is probably declining.

Indeed, their business has been going south for a long time now. Last weekend, it was only about a quarter full when I went for lunch. Lots of FTs among wait staff.
 

laksaboy

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Indeed, their business has been going south for a long time now. Last weekend, it was only about a quarter full when I went for lunch. Lots of FTs among wait staff.

Another eatery that is hard done by the high rent.
 

xebay11

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Another eatery that is hard done by the high rent.

What high rent? They bought the place 31 years ago for probably less than $1m will works out to be $2,688 per month "rent". Now they want to collect $18k rent per month in advance for the next 69 years, who the hell wants to continue the restaurant business?
 

nycheong

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Loyal
Smart move, $15 m is equal to collecting $18 k rent per month for 69 years, right now. Their restaurant cannot compete with the newer mall offerings and is probably declining.

Grass roots already know. Service industries like food establishment cannot survive inview of manpower shortage. More will close.
 

Narong Wongwan

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When I was young & living at Potong Pasir I would often tau pau from Sin Leong Restaurant because they were nearby & convenient. I would usually order the Siamese Chicken or Sweet Sour Pork.

Didn't know that they were suppose to be famous for their other dishes. Today I look back with regret that I did not try their other items from their menu:(

Sin Leomg was one of the 4 heavenly kings chef.
He used to have a few branches of sin leong.
The 4 kings also owned restaurants like Lai Wah, Dragon Phoenix, red star, red ruby etc.....all famous in their hey days and history preceded Boon Lay raja by a few decades.
 
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