An ETC broker has successfully closed a deal for a popular corner shophouse located at 247 and 249 Joo Chiat Place in District 15. The property was sold for a whopping $8.55 million, translating to a rate of $2,902 per square foot, based on the floor area. The transaction was completed following a competitive expression of interest exercise that garnered significant interest from investors and F&B operators, with multiple bids being submitted before the June 26 deadline.

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The shophouse, currently occupied by the well-established Eng Seng Restaurant known for its delicious black pepper crab, will soon be vacant as the restaurant is set to cease operations on August 31. Situated at the junction of Still Road and Joo Chiat Place, the shophouse stands on a 5,482 square feet corner plot and boasts an estimated floor area of 2,946 square feet, subject to a final survey. It enjoys a prominent dual frontage and holds a rare permanent approval for use as an “eating house” – a designation that is no longer granted to shophouses in the East Coast/Joo Chiat precinct, according to ETC.

Swee Shou Fern, head of investment advisory at ETC, which is a part of Realion Group, remarked that the sale is a testament to the enduring appeal of tightly held assets in prime locations. She also added that “eating houses” remain a resilient and highly sought-after investment class due to their scarcity and consistent demand.