Freehold Joo Chiat Corner Shophouse Home Eng Seng Restaurant Sold 855 Mil
A shophouse situated at 247 and 249 Joo Chiat Place in District 15 has been sold for a whopping $8.55 million. The price translates to $2,902 per square foot based on the total floor area. The property was successfully transacted by ETC, following an expression of interest exercise which garnered significant interest from both investors and F&B operators. This resulted in multiple competitive bids before the deadline on June 26.
Presently occupied by Eng Seng Restaurant, a well-known seafood establishment famous for its black pepper crab, the freehold shophouse will cease operations on August 31. Strategically located at the junction of Still Road and Joo Chiat Place, the shophouse sits on a 5,482 square foot corner plot. The estimated floor area stands at 2,946 square feet, subject to final survey. It boasts of a prominent dual frontage and holds a rare permanent approval for use as an “eating house”. ETC notes that this is a privilege that is no longer granted to shophouses in the East Coast/Joo Chiat precinct.
“The sale is a testament to the enduring appeal of highly sought-after assets in prime locations,” according to Swee Shou Fern, Head of Investment Advisory at ETC, which is a part of the Realion Group. She adds that eating houses are particularly resilient and remain a highly sought-after investment class due to their scarcity and stable demand.
This sale adds to the already robust market for shophouses in Singapore. In recent months, a number of shophouses have been sold at record-breaking prices, indicating the strong demand for this type of property. Most recently, a shophouse at Paya Lebar and an HDB shophouse in Ang Mo Kio were sold for a combined total of $10.06 million.
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The Straits at Joo Chiat, a new residential development in the area, has also achieved impressive sales numbers, with 20% of its units being sold at an average price of $2,100 per square foot over the weekend. With the current market trend, it’s evident that shophouses remain a favorite among investors and homebuyers alike.