Joo Chiat Place Eating House Market 85 Mil
Hong How Group has relaunched its Claydence development, consisting of five freehold strata terraces at 25 – 33 Still Road (pictured), after obtaining approval from the authorities.Indicative price for each property, with an approximate strata area of 6,982 sq ft to 7,491 sq ft, is about $4.9 million, or $678 psf to $780 psf on floor area.Singapore-based developer Hong How Group returns to the city-state’s residential market with its latest project, Claydence, consisting of five freehold strata terraces located at 25 – 33 Still Road. The project is being relaunched after the developer obtained approval from the authorities.Each of the terraces has an estimated strata area of 6,982 sq ft to 7,491 sq ft and the indicative price for each property is around $4.9 million, which translates to $678 psf to $780 psf on the floor area. The selling price is inclusive of a car park area and the lowest price is believed to be around $4.345 million.Situated in District 15, the development is situated close to amenities in the popular Joo Chiat and Katong areas, making it an attractive location for potential buyers. It is also less than 700m away from Eunos MRT Station on the East-West Line.The developer, Hong How Group, believes that the demand for freehold strata terraces in the East Coast area has remained strong, as evidenced by recent transactions in the area. In December 2019, a shophouse at 207 East Coast Road sold for $10 million, working out to $3,703 psf on the floor area. Another two-storey shophouse at 364 Joo Chiat Road was also sold in the same month for $6.75 million, or $2,681 psf on the floor area.The expression of interest (EOI) exercise for Claydence will be closing on June 26 at 3pm. Interested parties can make enquiries through the marketing agent, Edgeprop Estate Agency.
A freehold corner shophouse located at 247 and 249 Joo Chiat Place is currently on the market with a guide price of $8.5 million. The property is being offered through an expression of interest (EOI) exercise, with a price of $2,885 per square foot (psf) based on its estimated floor area of approximately 2,946 sq ft.
The shophouse boasts dual frontage along Still Road and Joo Chiat Place and sits on a land area of about 5,482 sq ft, which is zoned for commercial and residential use. A map shows the location of the property (Picture: EdgeProp LandLens).
At present, the shophouse is operating as Eng Seng Restaurant and has permanent planning approval for use as an eating house. According to ETC, which is marketing the property, new eating houses in shophouses are no longer allowed in the East Coast-Joo Chiat area, making this a coveted asset.
Swee Shou Fern, head of investment advisory at ETC, comments, “This presents a unique opportunity for F&B operators looking to establish a strategic foothold or for investors seeking an income-generating asset with long-term potential for appreciation.” Shophouses with approved F&B use typically command higher rents and values, she adds.
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Located in District 15, the shophouse is positioned in an established residential enclave near the popular Joo Chiat and Katong areas. It is also less than 700m away from Eunos MRT Station on the East-West Line.
Swee notes that there is still strong demand for East Coast shophouses with good commercial potential. For instance, a shophouse at 207 East Coast Road, formerly used as clinics, sold for $10 million last December, or $3,703 psf on its floor area. In the same month, a two-storey shophouse at 364 Joo Chiat Road changed hands for $6.75 million ($2,681 psf on its floor area).
Interested parties can submit their EOI bids by June 26 at 3pm.
In other news, Hong How Group has relaunched its development, Claydence, comprising five freehold strata terraces at 25-33 Still Road. Each terrace has an estimated strata area of 6,982 sq ft to 7,491 sq ft, with an indicative price of around $4.9 million or $678 psf to $780 psf on the floor area. This includes a car park area and the lowest price is believed to be around $4.345 million.
The development, situated in District 15, is in close proximity to amenities in the popular Joo Chiat and Katong areas, making it an attractive location for potential buyers. It is also less than 700m away from Eunos MRT Station on the East-West Line.
Hong How Group believes that there is still strong demand for freehold strata terraces in the East Coast area, as evidenced by recent transactions in the vicinity. A shophouse at 207 East Coast Road sold for $10 million in December 2019, equivalent to $3,703 psf on its floor area. Meanwhile, another two-storey shophouse at 364 Joo Chiat Road was sold in the same month for $6.75 million or $2,681 psf on its floor area.
Interested parties can inquire about the EOI exercise through the marketing agent, Edgeprop Estate Agency. The deadline for EOI submissions is June 26 at 3pm.