Freehold Joo Chiat Corner Shophouse Home Eng Seng Restaurant Sold 855 Mil
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A prime corner shophouse located at 247 and 249 Joo Chiat Place in District 15 has recently been sold for $8.55 million, with each square foot of floor area costing $2,902. The transaction was facilitated by ETC and was finalized after a successful expression of interest exercise, which received strong interest from both investors and F&B operators. The property will be occupied by Eng Seng Restaurant, a well-known seafood establishment famous for its black pepper crab, until its closure on August 31.
Situated at the intersection of Still Road and Joo Chiat Place, this shophouse sits on a 5,482 square foot plot and has an estimated floor area of 2,946 square feet, subject to final survey. It boasts a prominent dual frontage and has a rare permanent approval for use as an “eating house” – a status that is no longer granted to shophouses in the East Coast/Joo Chiat precinct, according to ETC.
“The sale highlights the enduring appeal of highly sought-after properties in prime locations,” says Swee Shou Fern, head of investment advisory at ETC, a member of Realion Group. “Eating houses, in particular, continue to be a resilient and coveted investment class due to their rarity and stable demand.”