Latest news with #KoufuGroup
New Paper
2 days ago
- Business
- New Paper
TikTok video calling Koufu outlet 'saddest in Singapore' goes viral, sparks discussion online
A TikTok video has gone viral, dubbing a Koufu outlet at Le Quest Mall the "saddest Koufu in Singapore". Posted by yokey017 on Aug 14, the subtitle read: "Only 4 out of 11 stalls open. Drinks, caifan, western, chicken rice." The video pans across a near-empty food court, showing numerous vacant stalls - some with their signboards still up, but no stall owners in sight. It's unclear when or what time the video was taken. The New Paper understands the lease for Koufu Le Quest is ending in October. Netizens speculate reasons The post quickly gained traction, amassing more than 120,000 views and 1,000 likes. "This food court has been like this for the longest time," said a comment. Many netizens pointed to steep rentals as a possible reason for the closures. "Government should look into rental issue," one wrote, with some estimating rent for a small stall to be about $8,000 to $10,000 a month. Others pointed to manpower shortages. "High rentals and lack of manpower are always the reasons," one user commented. "No one wants to work a 12-hour shift with low pay and demanding customers expecting their food to be ready in five minutes." Another highlighted the plethora of options available. "It's too competitive laaa. There's a few coffee shops surrounding the area, and there're other food stores in Le Quest," said a user. Rising food prices also came up as a concern, with some lamenting that higher rentals were often passed on to customers - pushing them towards cheaper options such as the hawker centre nearby. Others urged stallholders not to accept unsustainable rental rates. "If rental costs are high, just reject it. If everyone cooperates, landlords will eventually be forced to revise the prices," another added. Other outlets too? Several commenters say they've observed similar scenes elsewhere. "(The outlet at) Anchorpoint is also in the same situation," said one user. Another pointed out: "There's one opposite Taman Jurong hawker center, it's quite empty too." "Hawker culture will die very soon if it continues at this rate," one remarked. In response to queries from The New Paper, Koufu Group acknowledged that some foodcourts may currently have lower stall occupancy "due to factors such as evolving consumer preferences, shifting foot traffic patterns, and post-pandemic recovery trends", but said this was "not representative of our overall network performance". The group added that it is "actively engaging" with potential tenants, introducing new dining concepts, and enhancing marketing initiatives to boost customer traffic and tenant interest. "Many of our foodcourts continue to enjoy strong occupancy and footfall, and with over two decades in operation, we remain confident in our long-term strategy to adapt to market changes, support our tenants, and deliver quality and variety to the communities we serve." TNP has reached out to yokey017 for comment. According to its website, Koufu Group, established in 2002, aims to "bring forth 'Koufu' to everyone", with a mission to provide good food and service rooted in traditional Singaporean cooking and the coffee shop culture. In addition to operating Koufu food courts, the group also manages other food hall brands such as Gourmet Paradise and Happy Hawkers, as well as concept stores like Dough Culture and cafés such as 1983 Coffee & Toast.
Tatler Asia
13-06-2025
- Business
- Tatler Asia
Koufu Group's family to acquire prestigious Caldecott Hill GCB site for S$58 million
Above The site is private and visually sheltered from passersby The property was initially publicised through an expression of interest exercise, with an indicative price of S$62.8 million. The S$58 million sale to the Koufu Group family was reportedly brokered by Realstar Premier in April 2025. The existence of just 2,700 Good Class Bungalows in Singapore's 39 gazetted GCB areas makes these properties particularly prestigious, their status further enhanced by strict planning conditions, partly in place to preserve exclusivity and the low-rise character of these landed houses. Characterised by a minimum plot size of 1,400 square metres (roughly 15,070 sq ft) among other key qualities, Good Class Bungalows continue to be highly sought after in Singapore's high-end property market, as shown by recent purchases of GCBs in enviable neighbourhoods around the city. Above Verdant and quiet, Joan Road is an attractive area for affluent residents Credits Images: Courtesy of Google Maps and Google Street View
AsiaOne
13-05-2025
- Business
- AsiaOne
Family of Koufu Group founders to buy Caldecott Hill GCB site for $58m, Money News
A Good Class Bungalow (GCB) site in the Caldecott Hill Estate is set to be purchased for $58 million by the sons of Koufu Group founders Pang Lim and Ng Hoon Tien, reported The Business Times. The freehold site located at Joan Road occupies 39,276 sq ft of land and costs $1,477 psf. There are two bungalows occupying the regular-shaped plot within the prestigious Caldecott Hill enclave in District 11, which is one of 39 gazetted GCB areas in Singapore. The property was initially purchased in the 1960s by Chan Kok Kwan, the former president of the Diamond Importers Association of Singapore, and housed three generations of the Chan family. It was recently rebuilt around 2000, with one of the two-storey bungalows being occupied by the Chan family. The second bungalow, which also features an attic and a swimming pool, is tenanted, according to a release in April 2024 by real estate company Cushman & Wakefield. The GCB site had been marketed through an expression of interest exercise in May 2024 by the firm at an indicative price of $62.8 million ($1,599 psf). The property's close proximity to shopping malls, hospitals, renowned educational institutions and MacRitchie Reservoir was highlighted in the press release. It is also within walking distance of Caldecott MRT station. The GCB site is also "highly sought after by ultra-high net worth individuals to build their dream home for multi-generation families", said Shaun Poh, Cushman & Wakefield's executive director of capital markets, in the release. He added that with a plot depth of about 95m and and a width of about 42m, the property can also be redeveloped into a single massive GCB, or split into two separate GCBs, subject to approval. According to The Business Times, the real estate sale is still in its early stages and is being brokered by Realstar Premier. A check on URA's caveat records shows that the last GCB sale in Caldecott Hill Estate was completed in August 2023, with an 11,082 sq ft property at Caldecott Close sold for $22 million. [[nid:713431]]
Business Times
11-05-2025
- Business
- Business Times
Koufu's Pang family buying Caldecott Hill GCB site for S$58 million
[SINGAPORE] The family of Koufu Group founders Pang Lim and Ng Hoon Tien is understood to be in the early stage of a deal to buy a large freehold site in the Caldecott Hill Estate Good Class Bungalow (GCB) Area for S$58 million. The price works out to S$1,477 per square foot (psf) on the freehold land area of 39,276 sq ft. On the regular-shaped site in Joan Road in District 11 are two bungalows. The property was bought in the 1960s by prominent diamond merchant Chan Kok Kwan and has housed three generations of the Chan family. Rebuilt around 2000, one bungalow has two storeys and a garden, and is occupied by the family. The other one has two storeys with an attic and a swimming pool, and is tenanted, based on a press release issued in early April 2024 by Cushman & Wakefield. It had marketed the property through an expression of interest exercise; the indicative price was S$62.8 million or about S$1,599 psf. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Business Times understands that Realstar Premier was involved with the S$58 million sale that was entered into last month. The purchase of the Joan Road property is being made by two sons of Pang and Ng, the husband-and-wife team that founded Koufu Group, which operates food courts among other food and beverage businesses. The site has a depth of about 95 m and a width of about 42 m. The two bungalows on site are separated by a low wall. The site could be redeveloped into a single large bungalow, or subdivided for redevelopment into two separate bungalows, subject to approval. Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly created bungalows in GCB Areas. There are only around 2,700 bungalows in these areas. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. The Joan Road property is about 400 m from the Caldecott MRT station. It is also near MacRitchie Reservoir, Singapore Polo Club and The Singapore Island Country Club (Bukit Location). Pang and Ng, through Dominus Capital, privatised and delisted Koufu from the mainboard of the Singapore Exchange in 2022.
