A day after Kay Lee Roast Meat Joint put its
recipe and premises up for sale for $3.5 million, it has been deluged with
inquiries.
It has
received bids of up to $2.8 and $2.5 million from a field of more than 40
parties who have expressed interest. 39 of these are from Singapore.
Senior
property consultant Raymond Lo of Knight Frank, who is acting as the real
estate broker for Kay Lee, told The Straits Times that most of the inquiries
were received from businessmen or restaurant operators, perhaps as a form of
investment.
Mr Lo
is confident the sale will be completed within this year. He said the future
owner will have a sure moneymaker in their hands, saying: 'As long as you take
over, you make money.'
For
that price, what will the owner get?
Madam
Betty Kong, 66, and her husband Ha Wai Kay, 62, who want to make sure that the
recipe for their Guangzhou-style signature pork ribs, char siew and duck will
stay the same despite the change of ownership, will train the buyers until they
have perfected the recipe. This process is expected to take about two to three
months.
Madam
Kong says the recipe, which they valued at $2 million, is not just a piece of
paper.
The future
owner will also take over the brand name of the shop, which makes about $2,000
a day.
The
remaining component of the $3.5 million value is the 1,313 sq ft freehold shop
space in Upper Paya Lebar Road.
The
Straits Times reported that the owners want to sell the business as neither of
their children want to run it.
The
business had begun in Chinatown in the 1950s before moving to a coffeeshop in
the 1970s. It later operated from a
whole unit in Paya Lebar as the business grew.
Opinions
of other hawkers the paper spoke to vary. While Mr Chia Kar Wing, owner of
Union Farm Eating House which closed last month, said if he sells his recipe,
he would consider selling it for $2 million as well; Mr Richard Ng, who is
co-owner of China Street Fritters at Maxwell Food Centre, said the price is too
expensive. Madam P. Hoon, who helps her mother run the famous Maxwell Fuzhou
Oyster Cake stall at Maxwell Food Centre, said that roast meat is not rare
enough and can be found anywhere in Singapore.
Another
hawker, meanwhile, said his recipe is worth more than $2 million. Mr Lim Swee
Seng, who runs Toa Payoh Rojak at Old Airport Road Food Centre told The Straits
Times that his recipe is priceless, and will be a family heirloom to be passed
on to his children.
AsiaOne
Business & Investment Opportunities
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