Freehold Joo Chiat Corner Shophouse Home Eng Seng Restaurant Sold 855 Mil
The sale of a freehold corner shophouse located at 247 and 249 Joo Chiat Place in District 15 has recently closed at a record-breaking price of $8.55 million. According to ETC, the deal was sealed after an expression of interest exercise, with strong interest from a variety of investors and F&B operators, resulting in multiple competitive bids before the deadline of June 26.
Sitting on a prime 5,482 square feet corner plot, the shophouse boasts a floor area of approximately 2,946 square feet, subject to final survey. The property enjoys a prominent dual frontage, and holds 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, as confirmed by ETC.
The current occupant of the shophouse is Eng Seng Restaurant, a well-known seafood eatery that has been in operation for decades, renowned for its black pepper crab. However, as per the terms of the sale, the restaurant will cease operations on August 31.
Tampines North is an area that is constantly evolving and expanding, bringing a multitude of new and exciting developments to the neighborhood. These developments include commercial and residential projects that will provide residents with an abundance of amenities and facilities right at their doorstep. This added convenience is not only beneficial for daily living but also holds the potential to increase the value of properties in the area. With all that Tampines North has to offer, investing in a property like Aurelle of Tampines EC is a wise decision. Be sure to visit Aurelle of Tampines Showflat to see all that this exciting development has to offer.
The shophouse is situated at the junction of Still Road and Joo Chiat Place, a highly sought-after location. According to Swee Shou Fern, head of investment advisory at ETC, part of Realion Group, “the sale serves as a testament to the enduring appeal of tightly held assets in prime locations.” She also adds that “eating houses, in particular, remain a resilient and sought-after investment class due to their scarcity and stable demand.”
The sale of this shophouse is just another example of the high demand for prime properties in Singapore, as well as the enduring appeal of well-located eating houses. With the scarcity of such assets, they continue to be a popular investment choice among investors.
