http://mothership.sg/2014/03/longho...-road-bought-at-678000-sold-for-45-2-million/
Property value increased by a staggering 6,667% after 34 years.
By Belmont Lay
For those of you who haven’t gotten wind of this news: The site in Upper Thomson Road where Longhouse food centre is situated has been sold off for an earth-shattering $45.2 million.
The last day of operations for the eatery is on April 20.
Hawkers, with the help of Longhouse’s affable owner, will be moving to two locations: Six of them are relocating to Balestier Market along Balestier Road, while five others are moving to a coffee shop in Jalan Besar.
Longhouse is run by Ng Choon Gim, a former property lawyer. The property was bought by his late father for $678,000 in 1980, which was subsequently leased to fast food chain A&W for eight years.
Kopitiam Group leased the premises for two years before it was left unused from 1990 to 2000.
Long House then began operations in 2000, with Ng taking over in 2006.
This sale can easily rival that of Tong Seng Coffeeshop, the pretty famous Halal eatery located along North Bridge Road — opposite Bugis Junction — that was valued and believed to be sold for about $18 million.
Long House’s imminent closure comes hot on the heels of news that Lavender Food Square will be gone before the end of 2014 to be redeveloped into an office building.
Top photo from here
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Property value increased by a staggering 6,667% after 34 years.
By Belmont Lay
For those of you who haven’t gotten wind of this news: The site in Upper Thomson Road where Longhouse food centre is situated has been sold off for an earth-shattering $45.2 million.
The last day of operations for the eatery is on April 20.
Hawkers, with the help of Longhouse’s affable owner, will be moving to two locations: Six of them are relocating to Balestier Market along Balestier Road, while five others are moving to a coffee shop in Jalan Besar.
Longhouse is run by Ng Choon Gim, a former property lawyer. The property was bought by his late father for $678,000 in 1980, which was subsequently leased to fast food chain A&W for eight years.
Kopitiam Group leased the premises for two years before it was left unused from 1990 to 2000.
Long House then began operations in 2000, with Ng taking over in 2006.
This sale can easily rival that of Tong Seng Coffeeshop, the pretty famous Halal eatery located along North Bridge Road — opposite Bugis Junction — that was valued and believed to be sold for about $18 million.
Long House’s imminent closure comes hot on the heels of news that Lavender Food Square will be gone before the end of 2014 to be redeveloped into an office building.
Top photo from here
Find Mothership.SG on Facebook and Twitter.
