SINGAPORE: Behind the scenes of increasingly high food prices at heartland coffee shops lies a lesser-known culprit: soaring land prices. As the value of land continues its upward trajectory, a ripple effect is reverberating through the food supply chain, ultimately leading to higher prices for consumers.is up for sale by expression of interest at a guide price of S$11 million. The EOI exercise closes on Wednesday, May 29, 2024 at 3:00pm.
, the highest since 2008. The report also found that food in coffee shops and food courts are higher compared to hawker centres.In a report from Channel News Asia in January 2024, Mr Khoo Keat Hwee, a coffee shop owner renting in the prime location of Clementi outlet, shared that the rent had increased by 20 to 30% since he started his coffee shop two years ago.
He shared, “The stalls we closed were doing fine in terms of customers but with the rent increase, it won’t be sustainable as we would have to increase the price and lose customers in the process.” This highlights why many coffee shops in the heartlands are closing. Rising rent forces owners to pass on costs to customers and cut corners elsewhere. However, even with these measures, their overheads remain high.According to The Straits Times, “There are currently 776 coffee shops, fewer than half of which are owned by HDB. The remaining 402 are privately owned.”
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