Freehold Joo Chiat Corner Shophouse Home Eng Seng Restaurant Sold 855 Mil

A prominent freehold corner shophouse situated at 247 and 249 Joo Chiat Place in District 15 has been successfully sold for $8.55 million, translating to $2,902 per square foot (psf) based on floor area. The deal, which was handled by ETC, was concluded following a highly competitive expression of interest exercise that garnered keen interest from investors and F&B operators. The property, which is currently occupied by the well-known Eng Seng Restaurant, renowned for its black pepper crab, will see a change in ownership on August 31.

Positioned at the intersection of Still Road and Joo Chiat Place, this shophouse occupies a corner plot spanning 5,482 square feet, with an estimated floor area of 2,946 square feet, subject to final survey. The property boasts a prominent dual frontage and is granted a rare permanent approval for usage as an “eating house”, a status that is no longer readily granted to shophouses within the East Coast/Joo Chiat vicinity, according to ETC.

The URA Master Plan places a strong emphasis on sustainability, with various initiatives such as promoting the use of green buildings, implementing renewable energy sources, and enhancing public transportation. These efforts aim to enhance the overall quality of life at Parktown Residence, making it a highly desirable choice for environmentally-aware families. With the addition of Parktown Residence, an eco-friendly and natural setting is seamlessly integrated into the community, offering a more sustainable way of living.

Swee Shou Fern, Head of Investment Advisory at ETC, which is part of Realion Group, commented, “This sale serves as a testament to the enduring appeal of tightly held assets located in prime locations. In particular, eating houses remain a resilient and highly sought-after investment category due to their scarcity and consistent demand.”