Coffeeshop chain operator Kimly is paying $13.15 million to buy a coffeeshop at Serangoon Central from Lee Quan Enterprises.

The property, at Block 204 Serangoon Central #01-104, has a total floor area of 358 sqm which consists of a 3-room flat on its second level, besides the coffeeshop.

The property is on a 90-year leasehold starting from October 1994.

According to Kimly, the acquisition is in line with its strategy to expand its network of food outlets in Singapore and to establish new food outlets and food stalls as and when suitable strategic locations become available.

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"The group expects to strengthen its presence in the market by opening more food stalls under its food retail division, which is complemented by its central kitchen, and will continue to explore opportunities to acquire and, or operate more strategically-located coffeeshops in mature estates with established footfalls," says Kimly.

As indicated in its most recent 1HFY2024 earnings announcement on May 9, Kimly operates and manages an extensive network of 86 food outlets.

Kimly shares closed June 10 at 32 cents, up 1.59%.

This article first appeared on The Edge Singapore.