ETC, a commercial real estate advisory firm, has successfully sold a freehold corner shophouse at 247 & 249 Joo Chiat Place for $6.25 million (S$8.55 million). The property, located in Singapore’s prime District 15, fetched approximately $2,122 (S$2,902) per square foot on the floor area. The sale was completed following an Expression of Interest exercise that closed on 26 June 2025, attracting multiple competitive offers from investors and F&B operators.
The shophouse, which enjoys dual frontage along Still Road and Joo Chiat Place, is currently home to the popular Eng Seng Restaurant, renowned for its black pepper crabs. The restaurant will cease operations on 31 August 2025. A significant feature of the property is its permanent approved use as an “eating house,” a status no longer issued in the East Coast/Joo Chiat precinct, making it a highly coveted investment.
Swee Shou Fern, Head of Investment Advisory at ETC, part of Realion Group, commented on the sale: “The sale underscores the enduring appeal of tightly held assets in prime locations. Eating houses, in particular, remain a resilient and sought-after investment class due to their scarcity and stable demand.”
The property’s strategic location, surrounded by established residential estates, schools, and healthcare facilities, enhances its long-term value. It is well-connected by public transport, with Eunos MRT Station less than 700 metres away.
This transaction reflects the ongoing demand for prime real estate in Singapore, particularly in areas with limited supply and high demand.
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