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#1
04-07-2013, 06:50 AM
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PBM holder behind $23.8M record purchase of HDB coffee
An honorable member of the Coffee Shop Has Just Posted the Following:
PBM holder behind $23.8M record purchase of HDB coffee shop   July 3rd, 2013 |  Author: Editorial  Broadway Group bought this HDB coffee shop for a record price of $23.8 million (Photo OMY). It was reported that Broadway Group had recently bought an HDB coffee shop in Hougang Avenue 4 for $23,888,888 (‘HDB coffee shop sold for record $23.8M, stallholders fear rental rises‘), beating the previous record price of $15 million for an HDB coffee shop. The coffee shop is about 4,025 sq ft in size and has 17 stalls operating inside. The sale is expected to be completed by September 2013. It was also reported that the stallholders are now worried that their rent will increase as a result of the high-price sale. It has been estimated that if Broadway Group wants to achieve a 5% return on its investment, it will have to charge each stall, on the average, close to $6,000 in monthly rent. Not only the stallholders are worried, Singaporeans are worried too. In a letter to ST Forum today (3 Jul), Mr Tang Swee Seng commented, “Such extraordinary prices for an HDB commercial space worry me as high resale prices may lead to rent increases, and ultimately costlier food and drinks. Ordinary folk who patronise the coffee shop end up being the losers.” “HDB spaces should be sold back to the Housing Board, which can act as the clearing authority, especially when subsidies were provided in the original sales. Otherwise, we would all be the poorer in time to come.” According to its website (http://www.broadway.com.sg), Broadway Group was incorporated in Singapore in 1997. Its principal activities are the operation and management of coffee shops, food courts, canteens and cooked food stalls. Currently, it has a chain of 15 eating houses, food courts and 1 restaurant in Singapore. Broadway Group of Companies:
According to an ST report (‘HDB coffee shop in Hougang sold for record $23.8m’, 1 Jul), reporters’ attempts to reach both Broadway Group and the seller for an interview were unsuccessful. TR Emeritus (TRE) went to check the ACRA registration of Broadway Food Centre (Holdings) Pte Ltd and discovered that the holding company belongs to Broadway Textile Pte Ltd. The directors of Broadway Food Centre (Holdings) are listed as [Link]:
The registered address of Broadway Food Centre (Holdings) is the same as that of Broadway Textile: 200 JALAN SULTAN #02-07 TEXTILE CENTRE SINGAPORE (199018) Broadway Textile, in turn, is also run by Tan Thoo Cheng and Tan Thoo Mong together with some other directors. However, the 2 Tans own the majority of Broadway Textile with 66% shareholding together. Tan Thoo Cheng alone owns 50% [Link]. A quick check on the Net reveals that Tan Thoo Cheng is, in fact, one of the Honorary Presidents of the Singapore Textile Centre Merchant Association [Link]:  What is more, he is a PBM holder. Another check on the Net shows that he appears to be involved in some sort of grassroots activities in Punggol North [Link]:  Click here to view the whole thread at www.sammyboy.com. 
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