Singapore, 20 May 2025 – ETC (宜迪产业咨询公司), as the sole marketing agent, is pleased to launch for sale 247 & 249 Joo Chiat Place, a freehold corner shophouse well-located in prime District 15. The sale will be conducted via an Expression of Interest exercise, which will close on 26 June 2025 at 3pm.
Enjoying high visibility with dual frontage along Still Road and Joo Chiat Place, the corner property occupies a land area of 509.3 sq m (approximately 5,482 sq ft) and a floor area of 273.7 sqm (approximately 2,946 sq ft), subject to final survey.
The property features a valuable permanent planning approval for “eating house” use, a highly coveted use category that is no longer granted to new applications for shophouses in the East Coast/Joo Chiat area. As such, this planning approval significantly enhances the property’s appeal, especially among F&B operators and investors seeking unique, income-generating assets.
The guide price is S$8.5 million, which works out to be S$1,550 per sq ft on the land area or S$2,885 per sq ft on floor area. The property is open for sale to both local and foreign buyers.
Currently operating as the well-known Eng Seng Restaurant, the property has long been a go-to dining destination in the East, famed for its signature black pepper crab and consistently long queues. The property will be sold with vacant possession, allowing flexibility for immediate owner occupation or repositioning.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at ETC, says, “Freehold eating houses are extremely tightly held and rarely available for sale, especially those with permanent F&B use. This is a unique opportunity for F&B operators seeking a strategic foothold, or for investors looking for an income-generating asset with long-term capital upside. Given its corner frontage, excellent visibility, and proximity to dense residential catchments, this property ticks all the right boxes.”
Recent market activity underscores the demand for shophouses with strong commercial potential. For instance, 207 East Coast Road, previously occupied by clinics, was transacted at S$10 million in December 2024, reflecting S$3,703 psf on floor area. 364 Joo Chiat Road, a two-storey shophouse with a showroom on the ground floor, changed hands for S$6.75 million, or about S$2,681 psf on the estimated floor area.
Ms Swee adds, “Shophouses with approved F&B use generally command higher rents and values. Given the scarcity of such assets and the enduring appeal of District 15, 247 & 249 Joo Chiat Place presents a compelling investment opportunity.”
The subject property is located within an established residential enclave with multiple new upcoming residential developments like K Suites, Koon Seng House and Straits at Joo Chiat. It is surrounded by key amenities that provide added convenience. Well-known schools such as Telok Kurau Secondary School and Haig Girls’ School, as well as Parkway East Hospital, are in close proximity. The property enjoys excellent convenience with two bus stops at its doorstep and Eunos MRT Station less than 700 metres away.
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