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Shop space of Boon Lay Raja restaurant in Jurong East sold for $15 million
Jan 9, 2015 10:39pm
The shop space of the popular Boon Lay Raja restaurant in Jurong East has been sold for around $15 million.
The restaurant’s boss, Mr Henry Tan Kweng Nam, said he was happy the buyers – the owners of listed construction firm Lian Beng Group – met his asking price.
He said: "I am 75 years old and it will be tough for me to continue running the business. I am happy to retire soon."
Mr Tan said four bids were made for the restaurant space, which has 69 years left on its lease with the Housing and Development Board (HDB), reported The Straits Times.
Customers will be able to eat at the restaurant until March 31, the last day of operations.
Said Mr Tan: "We are already fully booked for Chinese New Year’s eve dinner. But until the end of March, we will do our best to serve our customers."
New restaurant to take over the space
Mr Ong Pang Aik, Lian Beng executive chairman, said his family decided to buy the 11,248 sq ft premises in Block 135, Jurong Gateway Road as a private investment and rent it out.
He said: "The restaurant has a good location. It is near Jurong East MRT and there are many shopping malls nearby."
The space will likely be rented out to a well-known Chinese restaurant.
"The restaurant owners said they plan to start operation in May. But we are not ready to reveal their name yet as things are not confirmed," said Mr Ong.
The original Boon Lay Raja outlet opened in 1979 in Jalan Boon Lay. It moved to its present location at Jurong Gateway Road in 1989.
Its trademark dishes are red garoupa in Nonya sauce, roasted duck with mango and Buddha jumps over the wall.
- See more at: http://www.tnp.sg/news/shop-space-b...ong-east-sold-15-million#sthash.RH7vmPEp.dpuf
Jan 9, 2015 10:39pm
The shop space of the popular Boon Lay Raja restaurant in Jurong East has been sold for around $15 million.
The restaurant’s boss, Mr Henry Tan Kweng Nam, said he was happy the buyers – the owners of listed construction firm Lian Beng Group – met his asking price.
He said: "I am 75 years old and it will be tough for me to continue running the business. I am happy to retire soon."
Mr Tan said four bids were made for the restaurant space, which has 69 years left on its lease with the Housing and Development Board (HDB), reported The Straits Times.
Customers will be able to eat at the restaurant until March 31, the last day of operations.
Said Mr Tan: "We are already fully booked for Chinese New Year’s eve dinner. But until the end of March, we will do our best to serve our customers."
New restaurant to take over the space
Mr Ong Pang Aik, Lian Beng executive chairman, said his family decided to buy the 11,248 sq ft premises in Block 135, Jurong Gateway Road as a private investment and rent it out.
He said: "The restaurant has a good location. It is near Jurong East MRT and there are many shopping malls nearby."
The space will likely be rented out to a well-known Chinese restaurant.
"The restaurant owners said they plan to start operation in May. But we are not ready to reveal their name yet as things are not confirmed," said Mr Ong.
The original Boon Lay Raja outlet opened in 1979 in Jalan Boon Lay. It moved to its present location at Jurong Gateway Road in 1989.
Its trademark dishes are red garoupa in Nonya sauce, roasted duck with mango and Buddha jumps over the wall.
- See more at: http://www.tnp.sg/news/shop-space-b...ong-east-sold-15-million#sthash.RH7vmPEp.dpuf
