Freehold Joo Chiat corner shophouse, home to Eng Seng Restaurant, sold for $8.55 mil

The corner shophouse at 247, 249 Joo Chiat Place has just been sold for $8.55 million (Photo: ETC)
The corner shophouse at 247, 249 Joo Chiat Place has just been sold for $8.55 million (Photo: ETC)
A freehold corner shophouse at 247 and 249 Joo Chiat Place in District 15 has been sold for $8.55 million, or $2,902 psf based on floor area. The deal was brokered by ETC and closed after an expression of interest exercise that attracted strong interest from investors and F&B operators, with multiple competitive bids before the June 26 deadline.
The property is currently occupied by Eng Seng Restaurant, a decades-old seafood eatery famed for its black pepper crab. The restaurant will cease operations on August 31.
Located at the junction of Still Road and Joo Chiat Place, the shophouse sits on a 5,482 sq ft corner plot and has an estimated floor area of 2,946 sq ft, subject to final survey. It enjoys 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, says ETC.
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“The sale underscores the enduring appeal of tightly held assets in prime locations,” says Swee Shou Fern, head of investment advisory at ETC, part of Realion Group. “Eating houses, in particular, remain a resilient and sought-after investment class due to their scarcity and stable demand.”
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