Kay Lee Roast Meat for sale at $2 million

[Ahtong]

Anyone eat before? Is it really that nice?

 

 

The couple behind Kay Lee Roast Meat Joint, Madam Betty Kong, 66, and her 62-year-old husband, said their children are not keen on taking over the business. -- PHOTO: LIANHE WANBAO

 

Finally, the secret behind Kay Lee's well-known roast meats can be revealed, but for the right price.

 

The restaurant's owners want $2 million for the Guangzhou-style recipe, which dates back to the 1950s.

 

The price is $3.5 million when the shop space is thrown in.

 

The couple behind the 30-year-old Kay Lee Roast Meat Joint on Upper Paya Lebar Road are Madam Betty Kong, 66, and her 62-year-old husband.

 

[Kangadrool]

Recipe alone cannot guarantee whoever take over has the ability to replicate it. Skills and techniques are required which come from hard work and continuous learning.

[Holdenutessv]

Recipe alone cannot guarantee whoever take over has the ability to replicate it. Skills and techniques are required which come from hard work and continuous learning.

 

Agreed.

[D3badge]

Anyone eat before? Is it really that nice?

 

 

 

The couple behind Kay Lee Roast Meat Joint, Madam Betty Kong, 66, and her 62-year-old husband, said their children are not keen on taking over the business. -- PHOTO: LIANHE WANBAO

 

Finally, the secret behind Kay Lee's well-known roast meats can be revealed, but for the right price.

 

The restaurant's owners want $2 million for the Guangzhou-style recipe, which dates back to the 1950s.

 

The price is $3.5 million when the shop space is thrown in.

 

The couple behind the 30-year-old Kay Lee Roast Meat Joint on Upper Paya Lebar Road are Madam Betty Kong, 66, and her 62-year-old husband.

 

I personal find the one at keong siak taste better......

 

[Darthrevan]

no interest in doing business..but i love this Kay Lee roast..jin ho jiak!

[SimonTan]

RenQi is more important in food business.

The couple got it right, n has a successful business.

The recipe is all mostly b-------t, as there is no such thing as secret recipe anymore.

The most is some herb or spice in special ratio. Unless they add in illegal drugs like caffeine or panaldo to give people the calm and emotional high feeling.

 

 

[Ender]

Sold for double the asking price $4million to tech company Aztech. Abit too much of diversity here. Wonder will they turn it to a restaurant, else the kopi tiam staff have to wear Aztech uniform. Next time buy powerline adapter better check got dining voucher included.

 

 

 

http://www.straitstimes.com/lifestyle/food-wine/story/roast-meats-business-kay-lee-sold-4-million-20141021

 

Roast meats business Kay Lee sold for $4 million

PUBLISHED ON OCT 21, 2014 5:30 AM

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Kay Lee Roast Meat owner Madam Betty Kong, 68, Aztech Group's senior vice president of marketing Jeremy Mun, and CEO & Chairman Michael Mun. -- ST PHOTO: NEO XIAOBIN

BY EUNICE QUEK

Kay Lee Roast Meat Joint has been sold for $4 million to conglomerate Aztech Group, 2 1/2 years after the 32-year-old roast meats institution in Upper Paya Lebar Road was put up for sale.

Publicly-listed Aztech, with diverse businesses ranging from electronics to LED lighting to marine logistics, paid $500,000 more than the original asking price of $3.5 million.

Madam Betty Kong, 68, who owns Kay Lee with her husband Ha Wai Kay, 64, said the price went up because the value of the freehold, 1,313 sq ft shop space had increased. When they first put the business up for sale, they received some 70 offers but none of them met the asking price.

The shop attracts queues and turns in a four-figure daily profit.

She told The Straits Times last night: “They were very sincere and met our asking price. We wanted the name to continue successfully and I will support them. When I’m 90 years old, Kay Lee will still be here.”

Mr Jeremy Mun, 39, Aztech’s senior vice-president and head of marketing, said his father, Mr Michael Mun, 64, the company’s group chief executive, has been a long-time customer.

The younger Mr Mun said: “It’s not about making money, it’s about preserving a heritage brand because a lot of good food has disappeared. So we want to extend the life of Kay Lee and also expand the business.”

So the company approached the couple in August and the deal was completed on Sept 18. The newly set up Kay Lee Pte Ltd will be a subsidiary of Aztech and it will take over operations on Nov 18. The couple will continue to work at the flagship outlet, but it is not known how long they will stay.

Madam Kong, whose two children do not want to continue the business, said: “I will still be there because I have customers who look for me at the stall. If I’m not there, they think the flavour is not the same.”

The roast meats business that she and her husband built from scratch will expand beyond their dreams. Aztech plans to open at least 10 casual restaurants under the Kay Lee name, mostly in heartland malls, in the next two years. The first is expected to open early next year.

The younger Mr Mun said the company had been looking to expand its food business.

“Even in bad times, people still have to eat,” he said.

Aztech has a subsidiary called Shiro Corporation, which sells wines and distributes canned and frozen food, but this is its first foray into restaurants.

The company has hired chefs to learn how to roast the meats using Guangzhou-style recipes that Mr Ha’s father developed in the 1950s. It will retain Kay Lee’s staff and use its current suppliers. By the end of the year, the company will also open a central kitchen.

Mr Mun does not rule out taking the Kay Lee brand to countries in the region and even China.

“After all, the recipes technically came from Guangzhou,” he said.

[email protected]

- See more at: http://www.straitstimes.com/lifestyle/food-wine/story/roast-meats-business-kay-lee-sold-4-million-20141021#sthash.rIDGUYA8.dpuf

Applying to be chef at Aztech asap. To learn the Gaungzhou style roast meat.

[Enye]

ironically once it becomes a chain store

 

the heritage they want to preserve is gone forever

 

 

[Windwaver]

I was rubbing my eyes when I saw "Aztech" bought it

[Mrmilktooth]

just thinking could they have taken a better picture though?.. lol

[Kusje]

Some people buy yachts, some buy football clubs.

 

Yet others buy duck rice stall.....

[Darthrevan]

Some people buy yachts, some buy football clubs.

 

Yet others buy duck rice stall.....

 

yachts are usually depreciating assets..but roast meat shophouse can potentially generate profits

[Spurman]

Sell duck rice earn profits of 1000 a day. Yeah. Nett profit. Is really excellent biz.

1 month easy 30000.00. 1 yr say 360,000.00. Just on profits after cost. Salaries. Overheads.

And all this is pure cash biz. No customers to owe u mobies. Simply a winning biz formula i must say.

 

Kns. Be a construction material supplier. Can also earn like that. But risk darn high. Give long credits to customers and if they dun pay u. Monies stuck. Cashflow stuxk.

 

Given a choice its really no brainer here to go into duck rice biz. Lol

[GLZT]

I dunno why so many ppl eat their stall, very nice meh, so chao tar. Eat already very unhealthy. Super expensive some more. Me and my fren ate char siew, roast pork and roast duck 2 rice and 2 sour plum drink for 27+

[Thaiyotakamli]

They got use thailand black magic ah?

[Mcf777]

so many yummy duckrice in the market.....

 

this ONE i havent even try before.

dont even know where they are.

 

dont forget to ask for their "wifi" password (LOL)

Edited October 21, 2014 by Mcf777

[Kangadrool]

I eat at Sheng Shiong Food Mall in Jalan Bahar, $3 for roast duck rice/char siew/pork/chicken, generous portion, nice and tasty. Parking also easy.

 

I dunno why so many ppl eat their stall, very nice meh, so chao tar. Eat already very unhealthy. Super expensive some more. Me and my fren ate char siew, roast pork and roast duck 2 rice and 2 sour plum drink for 27+

 

[GLZT]

so many yummy duckrice in the market.....

 

this ONE i havent even try before.

dont even know where they are.

Its at tai seng area. Opposite print hub, I work around that area. I noticed their stall sometimes open sometimes close. Not sure whether they have a fixed operational hours.