The bustling and vibrant Joo Chiat Place has long been a popular area for both locals and tourists alike, known for its diverse mix of eateries, independent shops, and heritage-rich charm. Being a freehold property, it offers an attractive long-term investment opportunity for the new owner.
Situated at the junction of Still Road and Joo Chiat Place in District 15, a prime corner shophouse at 247 and 249 Joo Chiat Place has recently been sold for an impressive price of $8.55 million, translating to $2,902 per square foot (psf) based on its floor area. The successful transaction was facilitated by ETC, with a competitive bidding process that drew interest from investors and F&B operators, culminating in the deal’s closure on June 26.
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Currently occupied by the well-established Eng Seng Restaurant, known for its delectable black pepper crab, the shophouse will cease operations on August 31. Spanning over a generous 5,482 square feet of land, the property boasts a spacious estimated floor area of 2,946 square feet, subjected to a final survey. Its prime location also offers a prominent dual frontage and holds a rare designation for use as an “eating house” – a status no longer granted to shophouses in the East Coast/Joo Chiat precinct, as stated by ETC.
According to Swee Shou Fern, head of investment advisory at ETC, a division of Realion Group, “The sale highlights the enduring appeal of highly sought-after assets in prime locations.” He adds, “Eating houses are particularly resilient and coveted investment opportunities due to their scarcity and steady demand.”
Joo Chiat Place has long been a bustling and vibrant hub, drawing both local and international crowds for its plethora of dining options, independent shops, and rich cultural heritage. As a freehold property, the shophouse presents the new owner with a lucrative long-term investment opportunity in this highly desirable location.