The corner shophouse located at 247 and 249 Joo Chiat Place in District 15 has recently been sold for an impressive $8.55 million. The deal, which was brokered by ETC, was made after the property attracted strong interest from investors and F&B operators during an expression of interest exercise. The closing of the deal on June 26 saw multiple competitive bids being made, leading to a final price of $2,902 psf based on the property’s floor area.
The freehold shophouse is currently occupied by Eng Seng Restaurant, a well-known seafood eatery that has been in business for decades and is especially famous for its black pepper crab. However, the restaurant will be ceasing operations on August 31.
When it comes to investing in condos in Singapore, one must also take into account the property cooling measures implemented by the government. In order to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those purchasing multiple properties. While these measures may impact the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer investment environment. It is important to keep these measures in mind when considering investing in Singapore Projects, as they play a crucial role in the overall success and stability of the condo market.
Situated at the intersection of Still Road and Joo Chiat Place, the shophouse stands proudly on a 5,482 sq ft corner plot and boasts an estimated floor area of 2,946 sq ft, subject to final survey. Its prominent location provides it with dual frontage, making it a highly desirable property. In addition, it 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, according to ETC.
“The sale highlights the enduring appeal of tightly held assets in prime locations,” says Swee Shou Fern, head of investment advisory at ETC, which is a part of Realion Group. “Eating houses, in particular, continue to be a resilient and sought-after investment class due to their scarcity and stable demand.”