A freehold corner shophouse at 247 and 249 Joo Chiat Place is up for sale with a guide price of $8.5 million, through an expression of interest (EOI) exercise. The price works out to $2,885 psf on the shophouse’s estimated floor area of approximately 2,946 sq ft.
The shophouse has dual frontage along Still Road and Joo Chiat Place. It occupies a land area of about 5,482 sq ft that is zoned for commercial and residential use.
A map showing the location of 247 and 249 Joo Chiat Place (Picture: EdgeProp LandLens)
The property has permanent planning approval for use as an eating house and currently operates as Eng Seng Restaurant. According to ETC, which is marketing the property, approvals for new eating houses in shophouses are no longer granted in the East Coast-Joo Chiat area, making the property an appealing asset.
“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,” remarks Swee Shou Fern, head of investment advisory at ETC. Swee adds that shophouses with approved F&B use generally command higher rents and values.
Situated in District 15, the shophouse is located in an established residential enclave close to the popular Joo Chiat and Katong areas. The shophouse is less than 700m away from Eunos MRT Station on the East-West Line.
Swee notes that demand for East Coast shophouses with strong commercial potential remains resilient. For example, a shophouse at 207 East Coast Road, which was previously occupied by clinics, sold for $10 million last December, or $3,703 psf on the floor area. The same month, a two-storey shophouse at 364 Joo Chiat Road changed hands for $6.75 million ($2,681 psf on the floor area).
The EOI will close on June 26 at 3pm.
