SINGAPORE – For generations of local diners, Crystal Jade has been a familiar choice for everything from casual dim sum to family celebrations. So, news that the homegrown restaurant group was closing four more outlets after three were shuttered last month came as a disappointment – but not much of a surprise to some.
Mr Derek Wong, a father of two boys, said he saw the closure coming because it “seems like a really tough period for local F&B brands”, and cited competition from overseas F&B brands, and increasing rental and ingredient costs.
Wong, a 35-year old writer, said that he would usually frequent Crystal Jade restaurants for wider family gatherings.
Wong recalled enjoying the xiao long bao buffet at the Holland Village outlet with his army friends, where they ate until “there was a tall stack of the steamer baskets when we were done”.
“We are sad because it means fewer options, but also because Crystal Jade is a homegrown institution,” he said. “They provide a wide range of offerings, from casual to more fine dining experiences.”
He said he and his family may still go to Takashimaya outlet for special occasions, or to alternatives such as Canton Paradise, which has an outlet at Bedok Mall near his home.
At the Crystal Jade Palace outlet in Takashimaya, a couple in their 60s, lunching with their adult daughter, told The Straits Times that they were not surprised to hear the group had closed more outlets.
They said they liked the service at Takashimaya restaurant, with the man saying that he liked how the “servers speak to you in Cantonese”.
The couple, who declined to give their names, said they frequent Crystal Jade Palace about three to four times a year, but also go “dim sum hopping” at other restaurants, but eating out has become more expensive.
The restaurant was about one-third full when ST visited around 12.30pm on Oct 8, though it quickly filled up within an hour.
Staff approached by ST at the Crystal Jade Palace outlet at Takashimaya and Crystal Jade Golden Palace outlet at Paragon declined to speak to ST, and directed queries to the group’s marketing team instead.
When contacted, Crystal Jade said ST’s questions would be forwarded to advisory firm Kroll, whose representatives were appointed as receivers over Singapore-incorporated Crystal Jade Culinary Concepts Holding and Hong Kong-incorporated Crystal Jade Culinary Concepts Holding (Great China) on Sept 30.
On Oct 7, Kroll representatives announced that Crystal Jade closed four outlets in Singapore and issued termination notices to about 120 workers as part of a restructuring ahead of a proposed sale of the business.
The four outlets – three Crystal Jade La Mian Xiao Long Bao restaurants at Bugis Junction, Toa Payoh and i12 Katong, as well as Crystal Jade GO at Oasis Terraces in Punggol – ceased operations on Oct 6.
On Oct 7, representatives from Paris Baguette, Neo Group Bakery and Din Tai Fung conducted job interviews for affected workers at Crystal Jade’s headquarters at Lorong Chuan.
A Paris Baguette human resources representative said seven of 15 workers they spoke to were shortlisted for a follow-up interview. Three workers will interview at the Paris Baguette regional headquarters on Oct 9.
The three companies were among the 86 employer partners that the Food, Drinks and Allied Workers Union (FDAWU) and the National Trades Union Congress’ e2i worked with to offer over 400 job opportunities in food manufacturing, food services, hospitality, wholesale and retail.
Other employer partners include Raffles Hotel Singapore and Sheng Siong Group.
Kroll and Crystal Jade have been engaging FDAWU and other associations since Sept 30 to support affected employees.
FDAWU general secretary Sankaradass S. Chami said the on-site interviews served as an important first touchpoint between affected workers and potential employers.
“We are encouraged that some workers have since progressed to subsequent rounds of interviews with the potential employers,” he said.
A spokesperson from BreadTalk Group, which operates the Din Tai Fung franchise, said the restaurant business is currently exploring employment opportunities with the affected employees, but as discussions are ongoing, it is “unable to provide a number” on any job offers made.
Crystal Jade also shuttered its Hong Kong Kitchen branches at The Clementi Mall, Jurong Point and Great World in September.
It closed its Suntec City outlet earlier in the year, along with the La Mian Xiao Long Bao outlet at Hillion Mall.
In June 2025, it closed its La Mian Xiao Long Bao outlet at Holland Village after 20 years of operation.
Crystal Jade now has nine operating outlets in Singapore and a workforce of about 210. Kroll said it does not expect further outlet closures in Singapore.
Crystal Jade’s current shareholders include entities by Affirma Capital and L Capital Asia, which is the Asian private equity arm backed by luxury conglomerate LVMH and is now known as L Catterton Asia after a merger with US private equity firm Catterton.
ST understands that the receivership is part of a process to facilitate L Capital Asia’s eventual exit from Crystal Jade, though it is unclear why receivership was chosen as part of the exit process.
When contacted, Kroll declined to share how its receivership appointment came about.
Based on ACRA filings obtained by ST on Sept 18, Standard Chartered Bank (Hong Kong) Limited registered multiple charges for all monies in 2023 and 2024 for Crystal Jade Group Holdings, Crystal Jade Culinary Concepts Holding and Crystal Jade Fine Dining.
A charge is a form of security interest that a company grants a lender or creditor over its assets to secure a loan.
The lender or creditor has a right to seize or sell the asset to recover the money owed, should the company fail to repay the debt.
A charge can only be registered by a creditor, and can only be deregistered when the debt has been paid, or the asset has been released.
When contacted about the charges and asked if Standard Chartered Bank (Hong Kong) had appointed Kroll for receivership over the companies, a Standard Chartered Bank representative from Singapore said on Oct 5 that the bank “has exited its exposure to the Crystal Jade group and has no ongoing involvement”, and said it was “not in a position to comment”.
The bank representative also declined to provide more information on the year it exited its exposure.
Affirma Capital began operating in 2002 as the internal private equity arm of Standard Chartered Bank, and was spun out into an independent firm in 2019.
A December 2018 media release from Standard Chartered said it sold the majority of its private equity investment portfolio to ICG Strategic Equity, which is part of Intermediate Capital Group Plc (ICG).
That transaction was underpinned by a management buyout by Affirma Capital, which at the time was owned and operated by members of the management team of Standard Chartered Private Equity (SCPE). The release stated the members would manage the portfolio and investment activities going forward.
